Core Viewpoint - The growth of the media and internet industry in China is driven by performance and AI empowerment, with a focus on increasing AI investments and the long-term benefits of core internet assets in the Hong Kong stock market [1] Group 1: Film Industry - The performance of imported films has been strong, with a significant year-on-year increase in box office revenue [2] - In December 2025, the national box office reached 3.713 billion yuan, a year-on-year increase of 57.93% and a month-on-month increase of 4.50% [2] - The film "Zootopia 2" achieved a monthly box office of 2.098 billion yuan, accounting for 56.5% of the total box office for the month [2] - A total of 83 films were released in December, representing a year-on-year increase of 43.10% and a month-on-month increase of 56.60% [2] - An estimated 29 new films are expected to be released in January 2026 [2] Group 2: Gaming Industry - The domestic gaming market achieved a record sales revenue of 350.789 billion yuan in 2025, with a year-on-year growth of 7.68% [3] - The user base reached 683 million, marking a year-on-year increase of 1.35% [3] - The mobile gaming market generated 257.076 billion yuan in revenue, with a year-on-year increase of 7.92% [3] - The client-based gaming market saw a significant revenue increase of 14.97%, totaling 78.16 billion yuan [3] - A total of 1,676 domestic game licenses were issued in 2025, a nearly 30% increase compared to the previous year [3] Group 3: Marketing Industry - The overall advertising market expenditure increased by 5.4% year-on-year from January to November 2025, with November showing a 16.6% year-on-year increase [4] - Specific industries such as telecommunications, personal care, entertainment, and IT services saw significant advertising expenditure growth, with increases of 86.1%, 62.0%, 22.9%, and 17.8% respectively [4] - Conversely, industries like pharmaceuticals, alcoholic beverages, and cosmetics experienced declines in advertising expenditure, with decreases of -14.6%, -10.3%, and -6.3% respectively [4] Group 4: AI Industry - Meta completed the acquisition of Manus, marking its third-largest acquisition since its inception [5] - Domestic AI company DeepSeek released two new models, achieving performance levels comparable to GPT-5 [5] - Two companies, Zhiyu Huazhang and MiniMax, are expected to go public in early 2026 after passing the Hong Kong Stock Exchange's listing hearing [5] Group 5: Investment Recommendations - Focus on Hong Kong internet companies with stable growth and improving profitability, particularly in the internet video platform sector and leading domestic AI video tool companies [6] - Emphasize AI applications and related industry chains, as well as content production sectors [6] - Consider traditional publishing companies that are exploring new business opportunities as the Lunar New Year approaches [6]

Core Viewpoint - The investment outlook for the pharmaceutical industry is optimistic for 2026, with valuations having returned to relatively low levels after recent fluctuations, suggesting a potential resurgence in growth. The focus should be on hard technology in pharmaceuticals and niche segments, particularly innovative drugs, medical devices, and healthcare AI [1] Group 1: Policy and Market Dynamics - Continued deepening of medical reform and optimization of centralized procurement and medical insurance payment methods are expected. The Central Economic Work Conference highlighted the need to optimize drug procurement and enhance support for vulnerable groups [2] - The optimization of centralized procurement rules is accelerating domestic substitution. The national centralized procurement has covered 435 varieties, with the latest batch focusing on 55 clinically mature drugs, ensuring clinical accessibility and quality consistency [3] Group 2: Medical Insurance and Payment Systems - The ongoing medical reform aims to transition from a focus on "scale" to "value," with the introduction of outpatient APGs to promote integrated care. The adjustment of the national medical insurance drug list and the establishment of a commercial insurance innovative drug directory are expected to enhance coverage [4] - The expansion of rehabilitation and nursing services is driven by an aging population and the prevalence of chronic diseases. The rehabilitation market is expected to grow through hardware expansion, intelligent rehabilitation devices, community integration, and improved payment systems [5] Group 3: Financial Performance of Medical Insurance - The overall operation of the medical insurance fund is stable, with a reported income of 26,320.68 billion yuan and an expenditure of 21,100.46 billion yuan for the first 11 months of 2025, showing a year-on-year income growth of 2.92% and expenditure growth of 0.51% [6]

Group 1 - The core viewpoint of the news highlights the financial performance and trading activities of China Galaxy Securities, indicating a mixed performance in terms of financing and stockholder dynamics [1][2][3] Group 2 - As of January 6, China Galaxy's stock price increased by 2.74%, with a trading volume of 1.366 billion yuan. The financing buy-in amount was 220 million yuan, while the financing repayment was 250 million yuan, resulting in a net financing outflow of 30.63 million yuan [1] - The total margin trading balance for China Galaxy reached 3.051 billion yuan, with the financing balance accounting for 2.56% of the circulating market value, which is below the 30% percentile level over the past year [1] - On the securities lending side, 2,100 shares were repaid, and 5,700 shares were sold, with a selling amount of 93,900 yuan. The remaining securities lending balance was 4,750 shares, valued at 782,800 yuan, also below the 10% percentile level over the past year [1] - For the period from January to September 2025, China Galaxy reported operating revenue of 22.751 billion yuan, a year-on-year decrease of 16.01%, while the net profit attributable to shareholders increased by 57.51% to 10.968 billion yuan [2] - The number of shareholders as of September 30 was 125,100, a decrease of 8.14% from the previous period, while the average circulating shares per person increased by 8.67% to 58,180 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 140 million shares, a decrease of 45.82 million shares from the previous period [3] - China Galaxy has cumulatively distributed dividends of 19.860 billion yuan since its A-share listing, with 9.166 billion yuan distributed over the past three years [2]

Group 1 - The core viewpoint of the article is that China Galaxy has given Midea Group (000333.SZ) a "recommended" rating based on its strategic moves and market performance [1] - Midea Group's 2B business is advancing further with the acquisition of the international business of Ruike Medical [1] - The domestic home appliance business is supported by ongoing national subsidies, and Midea has raised the price of its air conditioners during the New Year [1]

Core Viewpoint - Under the backdrop of domestic and international monetary policy easing, foreign capital and southbound funds are expected to continue their net inflow trend, leading to a substantial improvement in the profitability of Hong Kong-listed companies, resulting in a market environment of rising profits and valuations [1] Group 1: Market Outlook - The fundamentals of the Hong Kong stock market largely depend on the domestic macroeconomic environment, with stable macro policies expected to maintain economic resilience and inflation likely to recover from low levels [2] - For 2026, the earnings growth forecast for major indices includes a 9.64% year-on-year increase in the Hang Seng Index, a 34.63% increase in the Hang Seng Tech Index, and a 9.9% increase in the Hang Seng China Enterprises Index [2] Group 2: Capital Flow - As of December 19, 2025, the market value of Hong Kong Stock Connect holdings accounted for approximately 13.1%, while international intermediaries held about 40.1%, indicating a net increase in domestic capital holdings compared to foreign capital [3] - From the beginning of the year to December 19, 2025, the cumulative net inflow into the Hong Kong stock market via Stock Connect reached HKD 1.4 trillion, a 74% year-on-year increase [3] - Cumulative net inflow from foreign capital into the Hong Kong market from early 2025 to December 17, 2025, was USD 17.689 billion, with expectations of a continued low interest rate environment encouraging further inflows [3] Group 3: Market Performance - As of December 19, 2025, the price-to-earnings ratio of the Hang Seng Tech Index was 23.1 times, an 11.91% increase from the end of 2024, indicating significant room for valuation recovery compared to historical highs [5] - The Hang Seng Tech Index's earnings per share increased by 9.58% compared to the end of the previous year, and its valuation is notably lower than other major global tech indices [5] Group 4: Investment Themes - The technology innovation theme is expected to be a major investment focus, with significant valuation recovery potential for the Hang Seng Tech Index and strong performance anticipated from leading companies [6] - In the context of supply-side reform, sectors such as steel, building materials, electrical equipment, and paper are expected to see improved supply-demand dynamics and rising profit margins [6] - Under the strategy of expanding domestic demand, sectors with growth potential and historically low valuations, particularly in service consumption and new consumption models, are expected to perform well [6]

Core Viewpoint - The Hong Kong stock market is expected to remain active and experience an upward trend due to multiple positive factors, with a focus on the technology and consumer sectors for medium to long-term investment opportunities [1] Group 1: Market Performance - The Hong Kong stock market rose by 2.01% last week, with the Hang Seng Technology Index increasing by 4.31% [2] - Among the primary sectors, 7 sectors saw gains while 4 sectors declined, with notable increases in Information Technology (4.54%), Energy (3.97%), and Materials (2.98%) [2] - In the secondary sectors, Semiconductor, Defense, Oil & Petrochemicals, Software Services, and Paper & Packaging led the gains, while Household Products, Durable Goods, Consumer Services, Daily Consumer Retail, and Textiles & Apparel faced declines [2] Group 2: Market Liquidity - The average daily trading volume on the Hong Kong Stock Exchange was HKD 171.19 billion, an increase of HKD 31.26 billion from the previous week [3] - The average daily short-selling amount was HKD 19.93 billion, up by HKD 2.96 billion from the previous week, with short-selling accounting for 11.78% of the trading volume, a decrease of 0.22 percentage points [3] - There was a net outflow of HKD 3.81 billion from southbound funds, a decrease of HKD 6.37 billion compared to the previous week [3] Group 3: Valuation and Risk Appetite - As of January 2, 2026, the Hang Seng Index had a price-to-earnings ratio of 12.09 and a price-to-book ratio of 1.23, both up by 2.36% from the previous week, positioned at the 79% and 56% percentiles since 2010 [4] - The Hang Seng Technology Index had a price-to-earnings ratio of 23.8 and a price-to-book ratio of 3.15, at the 36% and 66% percentiles since 2010 [4] - The risk premium for the Hang Seng Index was 4.08%, which is 1.82 standard deviations below the 3-year rolling mean, placing it at the 4% percentile since 2010 [4]

来源：中国银河策略 核心观点 本周港股行情表现：（1）本周（2025年12月29日至2026年1月2日），全球主要股指多数上涨。其中， 恒生指数涨2.01%，恒生科技指数涨4.31%，恒生中国企业指数涨2.85%。（2）港股行业层面：一级行 业中，本周7个行业上涨，4个行业下跌。其中，信息技术、能源、材料行业指数分别上涨4.54%、 3.97%、2.98%；日常消费、公用事业、医疗保健行业指数跌幅居前，分别下跌2.25%、1.60%、0.59%。 从二级行业来看，本周半导体、国防军工、石油石化、软件服务、造纸与包装行业指数涨幅居前，家庭 用品、耐用消费品、消费者服务、日常消费零售、纺织服装行业指数跌幅居前。 本周港股流动性：（1）本周港交所日均成交额1711.9亿港元，较上周增加312.64亿港元。日均沽空金额 为199.27亿港元，较上周增加29.61亿港元；沽空金额占成交额比例的日均值为11.78%，较上周下降0.22 个百分点。（2）本周南向资金累计净流出38.1亿港元，较上周净流入额减少63.71亿港元。 风险提示 国内政策力度及效果不及预期风险；海外降息不及预期风险；市场情绪不稳定风险。 正文 一、 ...

中国银河证券研究表示，中央经济工作会议指出，要继续实施更加积极的财政政策。全国财政工作会议 对2026年财政政策进行了进一步部署。当前，国内经济底层逻辑正在从土地财政全面转向因地制宜发展 新质生产力，这个过程中财政政策的重要性愈发显现。从2023年内增发国债到2024年发行超长期特别国 债再到2025年提高狭义赤字率，财政政策在新旧动能转换过程中发挥了重要作用。展望2026年，中国银 河证券认为财政政策呈现以下特征：一是扩大支出盘子，保持必要支出强度，预计广义赤字率与2025年 基本持平；二是优化支出方向，尤其加大对于内需和科技的支持力度，灵活运用超长期特别国债和财政 贴息等工具；三是财政靠前发力，保持"早发快用"节奏，力争"十五五"元年取得良好开局。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2025年12月31日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 2 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2025年12月31日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： RMB 10,934,402,256 備註： 第 1 頁 共 11 頁 v 1.1.1 FF301 因本公司於中華人民共和國註冊成立，"法定/註冊股本"之概念不適用於本公司。在上述第I部顯示「法定/註冊股本」的資料即本公司的已發行股本。 FF301 第 2 頁 共 11 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,6 ...