Core Viewpoint - Alibaba's stock price increased by 4.71% to HKD 153.40, with a trading volume of HKD 13.373 billion, following the announcement of a market competition investigation in the food delivery platform sector by the State Council's Anti-Monopoly and Anti-Unfair Competition Committee [1][5]. Group 1: Market Investigation - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee announced an investigation and assessment of the market competition status in the food delivery platform service industry on January 9 [1][5]. - Taobao Flash Purchase announced its commitment to cooperate with the investigation and to strictly implement compliance responsibilities [1][5]. Group 2: Analyst Ratings and Company Strategy - CITIC Securities maintained a "Buy" rating for Alibaba, highlighting the company's increased short-term investments in "consumption + AI" and accelerated development of its cloud business [1][5]. - The company is focusing on AI and international expansion, with a significant investment of HKD 380 billion in infrastructure to enhance its global competitiveness [1][5]. - While the e-commerce sector remains stable, growth is slowing; however, Flash Purchase is narrowing its losses and aims to maintain the top market share [1][5]. - The long-term dual-core driving logic is clear, and the investment pace is controllable, indicating optimism about Alibaba's long-term value [1][5].

Company Overview - Hangzhou Xinjian Electromechanical Transmission Co., Ltd. (referred to as "Xinjian Transmission") was established on January 8, 1999, and specializes in the research and production of products such as rolled worm gears, seat horizontal actuators, planetary roller screw linear electric drive joints, and rotary electric drive joints [1]. - The registered capital of Xinjian Transmission is 83.9717 million yuan, with the legal representative being Dan Xinping, who holds 60.8% of the voting rights [2]. Recent Developments - Xinjian Transmission has initiated the listing guidance process with CITIC Securities Co., Ltd. as the guiding institution [1]. - The company was previously listed on the New Third Board in April 2017 but terminated its listing in August 2023 due to long-term strategic and operational needs [2]. Financial Performance - In the last annual report before delisting, Xinjian Transmission reported a revenue of 184 million yuan for the year 2022, with a net profit attributable to the parent company of 12 million yuan after deducting non-recurring gains and losses [2].

该机构表示，预计2026年煤价底部抬升将带动行业均价中枢上移，上市公司业绩或跟随煤价有所改善， 红利龙头若维持分红比例不变，股息率也有小幅提升。预计板块2026年会出现阶段性行情，行情驱动或 来自于红利风格的轮动、或来自于阶段性煤价预期差带来的反弹行情。建议沿三条主线寻找投资机会， 一是逢低配置、长期持有动力煤红利龙头；二是关注有产能扩张、政策受益的Alpha公司；三是把握煤 价预期差驱动的反弹行情，建议届时阶段性关注弹性大的公司。 中信证券研报指出，展望2026年，预计煤炭行业将延续供需双弱的格局，但供给宽松的幅度或有所收 窄。再考虑"反内卷"政策的托底，预计煤价底部可有效抬升，低价持续时间也有望缩短。再考虑全球煤 炭供需格局的改善对国际煤价形成支撑，国内煤价中枢有望上移，预计2026年国内煤炭均价涨幅约为 5%～7%。 ...

Core Viewpoint - The coal industry is expected to maintain a weak supply and demand balance in 2026, but coal prices may perform better than in 2025 due to policy support, leading to improved profitability and dividend expectations for listed companies [1] Industry Summary - The coal sector is projected to experience a continuation of weak supply and demand dynamics in 2026 [1] - Policy support is anticipated to positively influence coal prices, resulting in better performance compared to 2025 [1] - Profitability and dividend expectations for listed companies in the coal industry are likely to improve [1] Investment Opportunities - There may be short-term opportunities in the sector due to market style rotation and differences in industry expectations as sentiment improves [1] - Continued focus is recommended on leading companies benefiting from industry dividends, those with alpha, and potential high earnings elasticity targets [1]

Core Viewpoint - The coal industry is expected to maintain a weak supply and demand balance in 2026, but coal prices may perform better than in 2025 due to policy support, leading to improved profitability and dividend expectations for listed companies [1] Supply and Demand Analysis - In 2026, policies and import factors may limit domestic supply, with a projected net increase in coal production of 28 million tons, corresponding to a growth rate of approximately 0.6% [2] - Domestic coal production is expected to decline year-on-year from July to November 2025 due to stricter safety regulations and overproduction checks [2] - Coal imports are anticipated to decrease by 19 to 20 million tons in 2026, influenced by production cuts in countries like Indonesia and domestic "anti-involution" policies [2] Demand Dynamics - The growth in demand is expected to be limited, with a slight year-on-year decrease in thermal coal consumption of about -0.2% in 2026 [3] - The construction and steel sectors will continue to be affected by real estate activity, leading to a decline in coal consumption, although the rate of decline is expected to narrow [3] - Chemical industry coal consumption may see a growth rate of 6% due to new coal chemical projects and widening oil-coal price differentials [3] Price Outlook - The supply pressure is expected to ease, allowing for a slight upward adjustment in coal prices, with a projected increase of 5 to 7% in the average domestic coal price for 2026 [4] - The bottom of coal prices is expected to rise due to policy support and improvements in the global coal supply-demand balance [4] Investment Strategy - The anticipated rise in coal prices is expected to improve the performance of listed companies, with dividend yields likely to see a slight increase if dividend ratios are maintained [6] - Investment opportunities are suggested along three main lines: 1. Long-term holdings in dividend-paying thermal coal leaders [6] 2. Companies benefiting from capacity expansion and favorable policies [6] 3. Companies with high elasticity that may benefit from price expectation discrepancies [6]

Core Viewpoint - The employment report for December 2025 indicates that both the non-farm payroll additions and the unemployment rate in the U.S. were below expectations, reflecting a balanced state in the job market after six years of adjustment since the pandemic [1] Employment Market Analysis - The unemployment rate decreased to 4.4%, with new non-farm jobs primarily concentrated in specific service sectors [1] - The total non-farm employment additions for the year 2025 were 584,000, significantly lower than the levels seen in 2023 and 2024 [1] - The current job market is characterized by "low hiring + low layoffs," suggesting a stable employment environment [1] Economic Advisory Insights - Due to unconventional data disclosures by Trump, there is a recommendation to closely monitor news and research from the White House Council of Economic Advisers (CEA) [1] Interest Rate Expectations - The expectation remains that the Federal Reserve will pause interest rate cuts during the January meeting, with a possibility of one more rate cut during Powell's term [1]

Core Viewpoint - The coal industry is expected to maintain a weak supply and demand balance in 2026, but coal prices may perform better than in 2025 due to policy support, leading to improved profitability and dividend expectations for listed companies [1] Group 1: Industry Outlook - The coal industry is projected to continue experiencing a dual weakness in supply and demand in 2026 [1] - Policy support is anticipated to positively influence coal prices, resulting in better performance compared to 2025 [1] Group 2: Company Performance - Listed companies in the coal sector are expected to see improvements in profitability and dividend expectations [1] - There may be short-term opportunities in the sector due to market style rotation and differences in industry expectations as the outlook improves [1] Group 3: Investment Recommendations - Continued focus is recommended on leading companies with industry dividends, those with alpha, and targets with potential earnings elasticity [1]

Core Viewpoint - The coal industry is expected to maintain a weak supply and demand balance in 2026, but coal prices may perform better than in 2025 due to policy support, leading to improved profitability and dividend expectations for listed companies [1] Group 1: Industry Outlook - The coal industry is projected to continue a dual weakness in supply and demand in 2026 [1] - Policy support is anticipated to positively influence coal prices compared to 2025 [1] Group 2: Company Performance - Listed companies in the coal sector are expected to see improvements in profitability and dividend expectations [1] - There may be short-term opportunities in the sector due to market style rotation and differences in industry expectations [1] Group 3: Investment Recommendations - Continued focus is recommended on leading companies with industry dividends, those with alpha, and targets with potential earnings elasticity [1]

中信证券研报指出，墨西哥宣布从2026年1月1日开始，对没有和墨西哥签署自由贸易协定的国家加征关 税。我们认为此次墨西哥加征关税主要受影响国家为中国和韩国为代表的亚洲经济体。我们测算墨西哥 加征关税覆盖的商品约占中国对墨西哥出口的45%左右，大约影响中国整体出口约1%的商品。墨西哥 此次关税调整可以看作是向美国纳"投名状"，提示关注其他发达经济体尤其是加拿大受美国影响跟进调 整对华关税的可能性。从行业层面看，综合考虑对墨西哥出口敞口和加征关税税率，我们预计我国汽车 产业链、贱金属制品、机械设备出口可能相对受影响较大。财政部、国家税务总局1月9日发布公告调整 光伏、电池产品出口退税政策，我们认为这是出于减少贸易摩擦以及产业升级需要，或对2026年一季度 相关商品出口增速构成一定支撑，预计化学品、塑料制品、服装、机械和电气产品等在未来可能会有跟 进调整出口退税的措施。宏观经济运行方面，2025年12月PPI表现略超市场预期，CPI同比连续4个月回 升至+0.8%，核心CPI同比维持在+1.2%的高位，基本符合市场预期。本周市场关注12月中国物价数据， 下周建议关注中国12月金融数据和进出口数据。 ...

Core Viewpoint - The coal industry is expected to maintain a weak supply and demand balance in 2026, but coal prices may perform better than in 2025 due to policy support, leading to improved profitability and dividend expectations for listed companies [1] Industry Outlook - The coal sector may experience a temporary opportunity due to market style rotation or differences in industry expectations as sentiment improves [1] - Continued focus is recommended on industry leaders, companies with alpha, and those with potential earnings elasticity [1]