Core Viewpoint - The retirement of Li Kang, a prominent figure in the Chinese capital market, marks the end of an era as he has played a significant role in the development of the A-share market over the past 35 years [1][2]. Group 1: Li Kang's Career and Contributions - Li Kang, born in 1965, has had a diverse career spanning financial consulting, investment, sell-side research, and senior management roles [1][2]. - He gained recognition in the 1990s as a "stock commentator" for his in-depth analysis and exposure of financial issues in listed companies [2]. - Li joined Xiangcai Securities in 2009, where he served as Chief Economist and Director of the Research Institute, promoting a "research first" strategy to support the company's business development [3][6]. Group 2: Transition and Future Role - Li Kang's transition from his roles at Xiangcai Securities has been smooth, with his responsibilities being handed over to Cao Xute, who took over as the head of the research institute in March 2025 [3][6]. - Despite retiring, Li will continue to serve as an advisor to the Chief Economist Professional Committee of the China Securities Association, contributing to research and policy support for the industry [4][5]. Group 3: Xiangcai Securities Research Institute - The Xiangcai Securities Research Institute, established in 2009, aims to build a team of expert analysts and has a development goal of "Xiangcai Rising, Research First" [6][7]. - The institute primarily serves local governments and large enterprises, focusing on total research as a guiding principle [6]. - In the first half of 2025, Xiangcai Securities reported a commission income of 3.4828 million yuan, a year-on-year decrease of 23.42%, ranking 58th in the industry, which is an improvement of 14 places compared to the same period in 2024 [6].

Core Viewpoint - The article discusses the retirement of Li Kang, the chief economist of Xiangcai Securities, who has played a significant role in the development of China's capital market over the past 35 years, marking the end of an era for the industry [1][4]. Group 1: Li Kang's Career and Contributions - Li Kang, born in 1965, has a diverse career spanning financial consulting, investment, sell-side research, and senior management roles in securities firms [1][5]. - He gained recognition in the 1990s as a prominent stock commentator and financial journalist, known for his in-depth analysis of financial issues in listed companies [5][6]. - After joining Xiangcai Securities in 2009, he implemented a "research first" strategy that significantly contributed to the company's business development [6][10]. Group 2: Transition and Future Role - Li Kang's retirement was officially announced on January 7, 2026, after a smooth transition of responsibilities to his successor, Cao Xute, who took over as the head of the research institute [1][10]. - Despite retiring, Li Kang will continue to serve as an advisor to the Chief Economist Professional Committee of the China Securities Association, emphasizing his ongoing influence in the industry [7][9]. Group 3: Xiangcai Securities' Research Institute - Under Li Kang's leadership, Xiangcai Securities' research institute aimed to create value through research and enhance the company's brand influence [10][12]. - The research institute primarily serves local governments and large enterprises, focusing on total research as a guiding principle [10][12]. - In the first half of 2025, Xiangcai Securities reported a commission income of 3.4828 million yuan, a year-on-year decrease of 23.42%, ranking 58th in the industry, but improving by 14 positions compared to the previous year [10].

Market Overview - A-shares main indices closed higher, with the Shanghai Composite Index up 0.05% at 4085 points, marking a 14-day consecutive rise [1] - The Shenzhen Component Index rose 0.06%, and the ChiNext Index increased by 0.31% [1] - The trading volume in the Shanghai and Shenzhen markets reached 2.85 trillion yuan, an increase of 476 billion yuan compared to the previous trading day, with trading volume exceeding 2.8 trillion yuan for two consecutive days [1] Sector Performance Semiconductor Sector - The storage chip prices continued to rise, leading to a surge in the storage chip sector, with companies like Nanda Optoelectronics, Chipone Microelectronics, and Hengkang New Materials hitting the daily limit of 20% [2][4] - The semiconductor sector showed strength, with stocks like Purun Co., Ltd. and Naxin Microelectronics experiencing significant gains [7] - A report indicated that major chip manufacturers Samsung and SK Hynix are expected to raise DRAM prices by 60% to 70% in Q1 2024 [6] Rare Earth Permanent Magnet Sector - The rare earth permanent magnet concept saw a rise, with Fangbang Co. increasing over 12% [9] - Other companies in this sector, such as Yujing Co. and Jiuling Technology, also experienced gains [9] Tourism and Hospitality Sector - The tourism and hotel sector strengthened, with Sanxia Tourism hitting the daily limit [11] - Other companies like Shoulu Hotel and Jinjia Hotel also saw increases [11] Electric Equipment Sector - The electric equipment sector was active, with companies like Sanbian Technology and China West Electric hitting the daily limit [14] - A report indicated that the global solid-state transformer market is expected to grow at a compound annual growth rate of 25% to 35% over the next 5 to 10 years [14] Brain-Computer Interface Sector - The brain-computer interface sector experienced a pullback, with companies like Chengyitong and Aipeng Medical dropping over 11% [16] - Several companies in this sector issued cooling announcements regarding their business activities [16] Securities Sector - The securities sector declined, with companies like GF Securities and Northeast Securities falling over 2% [18] - Other firms such as Dongfang Fortune and CITIC Securities also reported declines [18] Investment Outlook - The market is expected to maintain a slight upward trend, supported by the attractiveness of RMB assets and positive changes in corporate earnings structures [22] - The domestic monetary policy is anticipated to continue a stance of "moderate easing," with expectations of a prolonged easing cycle from the Federal Reserve in 2026 [22] - Investors are advised to focus on sectors such as securities, insurance, non-ferrous metals, and semiconductors for potential investment opportunities [22]

Core Viewpoint - Northeast Securities initiates coverage on XPeng Motors (09868) with a "Buy" rating, highlighting record-high delivery volume, revenue, and gross margin in Q3 2025, driven by a dual-energy strategy and new model launches [1] Group 1: Financial Performance - In Q3 2025, XPeng Motors achieved total revenue of 20.38 billion yuan, a year-on-year increase of 101.8%, with net loss significantly narrowing to 380 million yuan [1] - The total delivery volume reached 116,007 units, marking a 149.3% year-on-year growth and setting a historical record [1] - The comprehensive gross margin surpassed 20% for the first time, reaching 20.1%, indicating a notable improvement in profitability [1] Group 2: Product Strategy - To address user range anxiety, the company launched a "pure electric + range extender" dual-energy strategy, with the first range-extended model, X9 EREV, officially launched in November 2025 [2] - The X9 EREV features a 63.3 kWh battery and a third-generation range extender with an efficiency of over 3.6 kWh/L, achieving a CLTC pure electric range of 452 km [2] - Additional range-extended versions of key models such as G6, G7, and P7i are expected to launch in Q1 2026, alongside four new models including two SUVs based on the MONA platform [2] Group 3: AI Strategy and Technological Advancements - At the 2025 Technology Day, the company showcased its commitment to transforming into a "physical AI" company, with a clear path and core technology [3] - The VLA 2.0 model, a second-generation visual-language-action model, was introduced, enhancing reasoning efficiency by 12 times and improving average takeover mileage in complex scenarios by 13 times [3] - The company plans to fully deploy VLA 2.0 in Ultra models by Q1 2026, with potential applications extending to robotics and other embodied intelligence fields [3] - XPeng Motors announced the launch of China's first fully self-developed mass-produced Robotaxi, with plans to introduce three models in 2026 and begin trial operations in the second half of 2026 [3] - The humanoid robot IRON is expected to achieve mass production by the end of 2026, initially piloting in commercial scenarios such as guiding and shopping [3]

Core Insights - Northeast Securities initiates coverage on XPeng Motors (09868) with a "Buy" rating, highlighting record-high delivery volumes, revenue, and gross margin in Q3 2025, driven by a dual-energy strategy and new vehicle launches [1][2] Group 1: Financial Performance - In Q3 2025, XPeng Motors achieved total revenue of 20.38 billion yuan, a year-on-year increase of 101.8%, with net losses significantly narrowing to 380 million yuan [1] - The total delivery volume reached 116,007 units, marking a year-on-year growth of 149.3%, setting a historical record [1] - The company's gross margin surpassed 20% for the first time, reaching 20.1%, indicating a notable improvement in profitability [1] Group 2: Product Strategy - To address user range anxiety, XPeng Motors launched a "pure electric + range extender" dual-energy strategy, with the first range-extended model, X9 EREV, officially launched in November 2025 [2] - The X9 EREV features a 63.3 kWh battery and a third-generation range extender with an efficiency of over 3.6 kWh/L, achieving a CLTC pure electric range of 452 km [2] - Additional range-extended versions of key models such as G6, G7, and P7i are expected to be released in Q1 2026, along with four new models including two SUVs based on the MONA platform [2] Group 3: AI Strategy and Technological Advancements - XPeng Motors is transitioning towards a "physical AI" company, showcasing its commitment and specific pathways during the 2025 Technology Day [3] - The core technology, VLA 2.0, is a second-generation visual-language-action model that enhances reasoning efficiency by 12 times and improves average takeover mileage in complex scenarios by 13 times [3] - The company plans to fully deploy VLA 2.0 in Ultra models by Q1 2026 and aims to extend its technology to robotics and other embodied intelligence fields [3] - XPeng Motors has introduced China's first fully self-developed mass-produced Robotaxi, with plans to launch three models in 2026 and begin trial operations in the second half of 2026 [3] - The humanoid robot IRON is expected to achieve mass production by the end of 2026, initially piloting in commercial scenarios such as guiding and shopping, with AI technology synergies benefiting both the robot and autonomous driving sectors [3]

东北证券研报指出，BOE（京东方）中国日前首条第8.6代AMOLED生产线首款产品提前5个月成功点 亮。这是继该产线提前封顶后，项目建设的又一重大里程碑，标志着京东方在中尺寸OLED技术研发、 工艺调试与量产准备方面率先取得关键性突破，为后续产品量产交付奠定坚实基础。该产线采用兼容柔 性OLED与Hybrid OLED的FMM产品工艺，与其他技术路线相比，在良率、生产销量、成品品质和发光 效率上具有明显优势。据相关媒体披露，华硕、OPPO等消费电子厂商已经与BOE敲定首批B16订单， 预计B16将开创全球中尺寸OLED高端化全新里程碑。维持"买入"评级。 ...

而作为"牛市旗手"的券商股涨幅更加明显，中证全指证券公司指数半日大涨3.36%，报897.73点。成份股方面，49只个股悉数涨超1%。其中，华林证券涨 停，华安证券涨9.7%，东北证券、财达证券、长江证券、华泰证券也涨超5%。 北京商报讯（记者 刘宇阳）1月6日，A股大盘指数继续上扬。同花顺数据显示，上证指数盘中一度涨至4069.91点，续创近10年新高。截至上午收盘，上证 指数上涨1.14%，报4069.38点。同期，深证成指也涨0.81%，报13940.24点。 ...

非银金融板块盘中快速拉升，其中被视为"牛市旗手"或"市场风向标"的券商股强劲上行，华林证券（002945）冲上涨停，华安证券（600909）、东北证券 等多股大涨。 | < ロ | 券商指数(886054) 11968.03 392.47 +3.39% | | | O | | --- | --- | --- | --- | --- | | 资料 | 资讯 成分 | | 相关基金 | 月度收益 | | 华林证券 | | 17.84 | 9.99% | 0.00% | | 002945.SZ | | | | | | 华安证券 | | 7.58 | 9.70% | -0.26% | | 600909.SH | | | | | 1月6日，沪指高开高走，截至午盘收盘，沪指涨1.14%，创十年新高。深成指涨0.81%，创业板指跌0.04%。沪深两市半日成交额1.8万亿，较上个交易日放 量1455亿，全市场近3700只个股上涨。 | 上证指数 | 深证成指 | 科创综指 | | --- | --- | --- | | 4069.38 | 13940.24 | 1713.58 | | +45.96 +1.14% +111.6 ...

记者丨黎雨桐 易妍君 见习记者林健民 编辑丨曾静娇 从板块来看，脑机接口概念延续强势，十余只成分股涨停，三博脑科、美好医疗、创新医疗2连板。 | < 日 | 脑机接口指数(8841700) | | | | | --- | --- | --- | --- | --- | | | 2022.48 85.06 +4.39% | | | | | 资料 新 | 成分 相关基金 | 资讯 | | 月度收益 | | 爱朋医疗 | | 39.96 | 20.00% | 0.00% | | 300753.SZ | | | | | | 翔宇医疗 | | 87.12 | 20.00% | 0.00% | | 688626.SH | | | | | | 美好医疗 | | 34.63 | 19.99% | 0.00% | | 301363.SZ | | | | | | 创新医疗 | | 26.03 | 10.02% | 0.00% | | 002173.SZ | | | | | | 航天长峰 | | 25.45 | 9.98% | 0.00% | | 600855.SH | | | | | 非银金融板块盘中快速拉升，其中被视为"牛市旗 ...

Core Viewpoint - The securities sector is experiencing a strong upward trend, driven by a combination of factors including previous undervaluation, new capital inflows, industry mergers, and regulatory easing, leading to a rebound in stock prices [1] Group 1: Market Performance - On January 6, the securities sector showed significant strength, with companies like Huayin Securities, Huazhang Securities, Guotai Junan, and Dongbei Securities leading in gains [1] - The Shanghai Composite Index has seen a 12-day consecutive rise, boosting market sentiment and contributing to the securities sector's rebound [1] Group 2: Investment Outlook - Institutions believe that the overall upward trend in the capital market will likely enhance trading volume and margin financing balances, indicating a positive outlook for the securities industry, particularly for leading firms [1] - Forecasts suggest that by 2026, the earnings of the securities sector may achieve double-digit growth, highlighting the profitability and growth potential of the industry [1] Group 3: Industry Trends - The trend towards specialization, integration, and internationalization in the securities industry is becoming more pronounced, with leading firms excelling in talent management, comprehensive capabilities, and global presence [1] - Quality leading securities firms are expected to benefit from the development of the capital market and the dividends from industry reforms [1] Group 4: ETF Performance - As of the report, the leading securities ETF (159993) rose over 3% with a trading volume exceeding 200 million yuan, indicating strong investor interest [1] - Data from Wind shows that this ETF experienced net inflows on three out of the last five days, reflecting positive market sentiment towards the sector [1]