Core Viewpoint - HanShuo Technology has signed a letter of intent for the sale of smart shopping carts and cameras with Australian retail giant Woolworths, indicating a significant step towards large-scale deployment of AI-driven retail solutions [1] Group 1: Partnership and Product Development - The collaboration with Woolworths will focus on joint innovation and the large-scale implementation of AI-driven smart shopping carts and camera integration solutions [1] - The company plans to deliver approximately 10,800 smart shopping cart systems to the first batch of about 300 Woolworths stores, marking the transition to mass production for its smart shopping cart business [1] Group 2: Market Position and Growth Potential - The company has a long-standing commitment to retail digitalization, particularly in the electronic price tag sector, which positions it well to expand its retail digital solutions [1] - With the ongoing global trend towards retail digitalization and driven by downstream demand, the company is expected to achieve sustained growth by continuously enriching its product offerings [1] - Projected revenues for the company from 2025 to 2027 are estimated at 4.056 billion, 4.787 billion, and 5.747 billion yuan respectively, maintaining a "buy" rating [1]

Core Viewpoint - The market is expected to gradually refocus on the consumer sector due to the recovery of high-end consumption and certain mass-market products, along with the implementation of national subsidy policies and funding demands for "high-cut low" strategies [1] Group 1: Market Trends - High-end consumption, including luxury goods and gambling, shows improvement in demand, while some mass consumer goods like beer and dairy products are experiencing governance and structural enhancements [3] - The long-term policy encouragement and low interest rate environment are expected to boost equity allocation dynamics, particularly in high-dividend, stable performance stocks with valuation advantages [1][2] Group 2: Investment Opportunities - Companies with strong global competitive power, particularly in the white goods sector, are enhancing their operational models and supply chains, which is expected to positively impact overall performance [2] - The selected consumer sector stocks have an average dividend yield of over 5% and a projected PE ratio of 13X for 2026, indicating potential for long-term investment [4]

Group 1 - The 30th China Capital Market Forum was held in Beijing on January 10-11, 2026, focusing on the mission and challenges of the capital market under the macroeconomic situation, as well as future development trends [1] - The forum featured speeches from regulatory leaders and academic experts, and included the launch of the publication "Research on China's Capital Market: 30 Years, 30 Volumes" [1] - Xu Chaohui, Chairman of Western Securities, emphasized the need for the market to leverage national conditions and Chinese wisdom to promote high-quality development through continuous reform practices [1] Group 2 - Western Securities has integrated its growth with market development and national strategy, focusing on building a comprehensive financial service system for technological innovation [2] - The company has transformed its business structure from traditional "sell-side research + venture capital + channel investment banking" to a functional service system centered on "think tank research + patient capital + industrial investment banking" [2] - On January 9, 2026, Western Securities celebrated its 25th anniversary and completed a brand renewal, enhancing its public recognition and industry influence [3] - The company aims to seize historical opportunities for deepening capital market reforms and is committed to serving the real economy while adhering to a cooperative and win-win philosophy [3]

Group 1 - The stock price of Western Securities (002673) closed at 8.08 yuan on January 9, 2026, with an increase of 0.62% and a turnover rate of 1.07%, totaling a trading volume of 438,000 shares and a transaction amount of 353 million yuan [1] - On January 9, 2026, the net outflow of main funds was 17.57 million yuan, while retail investors saw a net inflow of 18.12 million yuan [1][3] - Western Securities announced the cancellation of the Weinan Dongfeng Street Second Securities Business Department to enhance operational efficiency and promote the transformation of wealth management business [1] Group 2 - The company plans to pay interest on the "25 Western 01" corporate bonds on January 13, 2026, with a coupon rate of 1.86%, distributing 18.60 yuan (including tax) per hand [1][3]

| 证券代码：002673 证券简称：西部证券 | 公告编号：2026-003 | | --- | --- | | 债券代码：148177 | 债券简称：23西部02 | | 148339 | 23西部03 | | 148391 | 23西部04 | | 148424 | 23西部05 | | 148699 | 24西部01 | | 148753 | 24西部02 | | 148865 | 24西部03 | | 148924 | 24西部04 | | 524008 | 24西部05 | | 524106 | 25西部01 | | 524164 | 25西部02 | | 524283 | 25西部K1 | | 524317 | 25西部03 | | 524525 | 25西部04 | 西部证券股份有限公司 2025 年面向专业投资者公开发行公司债 券（第一期）（债券简称：25 西部 01，债券代码：524106，以下简 称"本期债券"）将于 2026 年 1 月 13 日支付 2025 年 1 月 13 日至 2026 年 1 月 12 日期间的利息人民币 1.86 元（含税）/张。 本次付息的债权登记日为 2 ...

Group 1 - The core viewpoint is that the long filament chain's prosperity is expected to rise in 2025, with specific operating rates for PX, PTA, and long filament projected at 84%, 76%, and 89% respectively, showing year-on-year changes of +1.4, -3.1, and +2.7 percentage points [1][3] - The PX/PTA/long filament industry has a high concentration, with CR8 concentration rates of 62.43% for PTA and 68.58% for long filament, indicating a potential for increased profitability as the industry structure improves [1][4] - The new capacity for PX, PTA, and long filament is expected to slow down, with projected production in 2026 being 500, 0, and 315 million tons respectively, corresponding to growth rates of approximately 11%, 0%, and 7% [3][4] Group 2 - The macro conditions for global refining are gradually improving, suggesting a potential turning point for the petrochemical industry, with significant recovery in overseas refining profits [2] - The average gross profit margin for major refining companies is projected to rebound, with a TTM average gross margin of 11.5% in Q3 2025, reflecting a year-on-year increase of 0.6 percentage points and a quarter-on-quarter increase of 0.9 percentage points [2] - The expected increase in profitability for companies such as Dongfang Shenghong, Rongsheng Petrochemical, and Sinopec is significant, with profit elasticities of 732%, 115%, and 50% respectively, based on a projected exchange rate of 6.8 [2] Group 3 - The "anti-involution" policy is anticipated to drive profitability growth in the PTA and long filament sectors, with potential profit increases of 100 and 200 yuan per ton for PTA and long filament respectively in 2026 [4] - The projected profit growth for companies like Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong in 2026 is estimated at 17.1, 10.6, and 11.2 billion yuan respectively, indicating significant profit elasticity [4] - Recommended stocks to watch include major refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as long filament companies like Xinfengming and Tongkun [5]

Group 1 - The global fusion energy market is projected to reach approximately $331.5 billion by 2024, indicating significant market potential [1][3] - Major economies are strategically emphasizing the prospects of nuclear fusion, providing support through policies and funding to accelerate industrialization [1][3] - The EAST experiment confirmed the existence of a density-free zone in tokamaks, providing a physical basis for high-density operation in magnetic confinement fusion devices [2] Group 2 - The Energy Singularity's high-temperature superconducting tokamak, Honghuan 70, achieved a significant milestone by successfully maintaining a steady-state long pulse plasma operation for 120 seconds [1] - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held in Hefei, aiming to promote collaborative innovation and results transformation across the industry chain [2] - Investment opportunities in the fusion sector are highlighted, with recommendations to focus on companies involved in low-temperature superconducting magnets, vacuum chambers, and power supply systems [3]

Core Viewpoint - West Securities initiates coverage on Chery Automobile (09973) with a "Buy" rating, highlighting its significant first-mover advantage in overseas markets and the expected growth in overseas sales revenue as new energy vehicles accelerate their international expansion and new markets are developed [1] Group 1: Brand and Product Development - Chery's five major brands—Chery, Jetour, Exeed, iCAR, and Zhijie—each have unique positioning and growth potential in various segments, with a focus on new energy vehicles and high-end market penetration [1] - The Chery brand plans to elevate the Fengyun series to an independent brand by 2025, with a goal of launching 16 new models in the next three years; the iCAR V27 is expected to launch globally in Q1 2026, aiming to establish iCAR as a leading global brand in specialty new energy vehicles [1] - Jetour has introduced the Zongheng series, targeting the luxury off-road market and international expansion, which is anticipated to drive both sales and profitability [1] Group 2: Technological Advancements - Chery has consistently focused on independent research and development, achieving comprehensive coverage of core technologies, including Kunpeng Power, Falcon Intelligent Driving, Mars Architecture, and Lion Intelligent Cockpit [2] - The company is set to complete the global delivery of the first batch of 220 Moke humanoid robots by April 2025, showcasing its commitment to innovation [2] Group 3: Overseas Market Expansion - Chery has over 20 years of experience in overseas markets, providing it with a significant first-mover advantage, supported by a broad network of over 1,000 overseas dealers expected by 2025 and a global presence in production and R&D [3] - In the first half of 2025, Chery's retail sales in overseas markets increased by 20% year-on-year, with a notable rise in the proportion of new energy vehicles; this trend is expected to continue as Chery accelerates its international expansion and explores new markets [3]

Group 1 - Core viewpoint: Chery Automobile (09973) is rated "Buy" by Western Securities, with significant advantages in overseas markets and expected growth in overseas sales revenue due to accelerated export of new energy vehicles and expansion into new markets [1] - Five major brands have unique highlights, with breakthroughs in new energy transformation and progress in high-end positioning. Chery plans to launch 16 new models in the next three years, with the iCAR V27 expected to be globally launched in Q1 2026 [1] - The high-end brand Jietu has entered the luxury off-road market, which is expected to lead to a dual breakthrough in sales and profitability [1] Group 2 - Chery has maintained a commitment to independent research and development, covering core technologies such as Kunpeng Power and Falcon Intelligent Driving, with the first batch of 220 humanoid robots expected to be delivered globally by April 2025 [2] - Chery has a significant first-mover advantage in overseas markets, with over 1,000 overseas dealers expected by 2025 and a 20% year-on-year increase in overseas retail sales in the first half of 2025, with a notable rise in the proportion of new energy vehicles [3] - The company is expected to maintain rapid growth in overseas sales and revenue, supported by its first-mover advantage and the acceleration of new energy vehicle exports [3]

Core Viewpoint - The article highlights the 25-year journey of Western Securities, emphasizing its growth from a regional broker to a national financial enterprise with over 100 billion in total assets, aligning its development with the reforms in China's capital market [1][2]. Group 1: Company Development - Western Securities was established in 2001 through the integration of several financial institutions, positioning itself to serve the national economy while focusing on the western region [2]. - The company went public in 2012, becoming the 19th listed broker in China, which significantly enhanced its capital strength and governance [2]. - Key capital operations, including the acquisition of Guorong Securities and the establishment of a Hong Kong subsidiary, have outlined a roadmap for rapid development [2]. - As of Q3 2025, Western Securities reported total assets of 110.58 billion, indicating significant growth in scale and brand influence [2]. Group 2: Industry Context - The Chinese capital market has undergone profound changes, including reforms in shareholding structure and registration systems, which have influenced the growth trajectory of Western Securities [3]. - The company aims to fulfill its social responsibility while supporting regional economic development, reflecting a commitment to both growth and community service [3]. Group 3: Financial Services Strategy - Western Securities is building a comprehensive financial service system through business collaboration, cultural integration, and strong governance, emphasizing the importance of party leadership in its operations [6][7]. - The company has structured its operations into five major business segments: wealth credit, proprietary investment, investment banking, asset management, and institutional services, enhancing synergy across these areas [7]. - The firm is committed to a unique financial culture that combines regional characteristics with industry attributes, promoting social responsibility through various initiatives [7]. Group 4: Future Goals - In 2026, Western Securities launched a brand refresh under the theme "Western Bull, Momentum Like Red," signaling its commitment to high-quality development and a strategic focus on becoming a leading investment bank [9]. - The company plans to enhance its service capabilities through professionalization, platformization, regional focus, and digital transformation, aiming to provide comprehensive lifecycle services to enterprises [9][10]. - Western Securities is dedicated to improving its core competitiveness and risk management capabilities while aligning with international standards in the investment banking sector [10][11].