Group 1 - The core viewpoint of the report suggests that the asset environment in 2026 may exhibit characteristics of marginal liquidity easing and moderate economic recovery, recommending commodities over stocks and bonds [1] Group 2 - In terms of equities, the report anticipates a 5%-10% increase in the full-year performance of the Wind All A index for 2026, with Hong Kong stocks expected to experience a rebound in earnings and a second round of valuation recovery [1] - The US stock market is projected to maintain fundamental growth momentum under a backdrop of "fiscal + monetary" easing during the mid-term election year [1] Group 3 - For bonds, the 10-year China government bond yield is expected to fluctuate within a range of 1.5%-1.8% throughout the year, with a pattern of initially declining and then rising [1] - The 10-year US Treasury yield is anticipated to remain within a range of 3.9%-4.3% [1] Group 4 - In the commodities sector, the oil supply-demand balance is shifting from surplus to equilibrium, with Brent crude oil projected to fluctuate between $58-$70 per barrel for the year [1] - Gold is expected to maintain strength supported by liquidity easing and geopolitical risks, with a potential to reach $5,000 per ounce, although the rate of increase may slow [1] - Copper is forecasted to have strong support due to supply constraints and electricity demand, with an average price expected to rise to $12,000 per ton [1] Group 5 - Regarding exchange rates, the Chinese yuan is likely entering a period of mild appreciation, with the USD/CNY exchange rate expected to gradually approach 6.8 [1]

2026年01月06日，中力股份披露接待调研公告，公司于12月30日接待睿远基金、中信证券、东吴证券等 11家机构调研。 中力股份（603194）股价报40.45元，较前一交易日收盘价上涨0.95元，涨幅为2.41%，总市值162.20亿 元。从行业市盈率来看，中力股份所处的工程机械行业滚动市盈率平均32.56倍，行业中值24.44倍，中 力股份18.53倍排名第9位。 调研情况显示，中力股份接受了机构调研，活动包括参观公司展厅及产线、智慧物流应用场景，公司介 绍数智仓储、智能物流情况，第三季度业绩情况交流以及互动交流等环节。 关于数智物流业务发展前景，公司预计该业务在2026年有望实现规模跨越，收入规模较2025年实现一倍 左右的增长。公司认为爆发性增长是一个由需求和接纳共同作用的过程，从市场需求看，全球供应链重 构到国内产业升级，智能化、柔性化物流解决方案的需求正从可选变为必选项；从行业接纳度看，数智 物流业务正有序向食品纺织、酒水酿造、生物医药等多个关键产业领域渗透，验证了解决方案的适配性 与可复制性。 关于公司毛利率情况，公司三季度整体毛利率维持在较高水平，主要原因包括四个方面：研发效率与费 用管控的 ...

Core Insights - The company is focusing on the development of the "Dianhong" IoT operating system, which is the first domestic power IoT operating system based on the national open-source system, generating revenue through the sale of core modules and customized technical services [2] - The "Spatiotemporal Intelligent Digital Twin" project has a total investment of approximately 3.40 billion yuan, aimed at enhancing decision-making efficiency and management levels in the energy sector through digital twin simulations [3] - The digital infrastructure business is aimed at providing customized digital transformation technology for large state-owned enterprises, with a focus on optimizing cloud services and building data centers to support distributed computing needs [4] - As of June 30, 2025, the company reported a total order backlog of 8.037 billion yuan, with non-related customer orders at 810 million yuan, indicating growth in major customer investments despite potential revenue fluctuations due to project delivery schedules [5] Group 1 - The "Dianhong" IoT operating system is expected to expand its market share in the power grid sector through an open technology platform and collaborative mechanisms [2] - The digital twin project will not adopt a one-time sales model but will generate continuous revenue through platform operation services and customized application development [3] Group 2 - The company aims to strengthen its digital infrastructure by enhancing the South Grid Cloud and building a "3+1+X" cloud data center, along with accelerating the construction of edge computing centers [4] - The company plans to leverage its experience in the digital transformation of the power industry to gradually expand its business areas beyond the domestic market [5]

消息面上，周一沪指攻克4000整数关，豪取12连阳，刷新近33年以来连阳记录高盛1月5日发布题为《中 国2026年展望：探索新动能》的宏观报告。报告称，2026年建议高配中国股票。高盛股票策略团队此前 在亚太范围内建议高配A股和港股，预计2026年和2027年中国股市将每年上涨15%至20%，分别由14% 和12%的盈利增长以及约10%的估值向上重估所支撑。 中原证券表示，作为"十五五"的开局之年，2026年资本市场整体运行有望保持相对强势，证券行业将持 续处于本轮上升周期中，券商板块平均估值持续走低的空间相对有限。2026年一季度上市券商经营业绩 的同比压力相对较轻，券商板块将在当前的相对低位蓄势震荡整理以酝酿新的投资机会。国金证券指 出，建议继续重点关注春季躁动行情下低估值券商的补涨机会，强烈推荐估值及业绩错配程度较大的优 质券商，建议关注AH溢价率较高、有收并购主题的券商。 中资券商股集体走高，截至发稿，国联民生(01456)涨5.16%，报5.5港元；国泰海通(02611)涨4.68%，报 17.91港元；中信证券(06030)涨4.41%，报29.82港元；中金公司(03908)涨3.91%，报21 ...

Group 1 - Chinese brokerage stocks collectively rose, with notable increases: Guolian Minsheng up 5.16% to HKD 5.5, Guotai Junan up 4.68% to HKD 17.91, CITIC Securities up 4.41% to HKD 29.82, CICC up 3.91% to HKD 21.26, and GF Securities up 3.19% to HKD 19.09 [1] - The Shanghai Composite Index surpassed the 4000 mark, achieving a 12-day winning streak, the longest in 33 years [1] - Goldman Sachs released a macro report titled "China 2026 Outlook: Exploring New Momentum," recommending an overweight position in Chinese stocks for 2026, with expectations of a 15% to 20% annual increase in the Chinese stock market for 2026 and 2027, supported by 14% and 12% earnings growth and approximately 10% valuation re-rating [1] Group 2 - Zhongyuan Securities indicated that 2026, as the first year of the 14th Five-Year Plan, is expected to see a relatively strong performance in the capital market, with the securities industry continuing in its upward cycle [2] - The first quarter of 2026 is anticipated to have lighter year-on-year pressure on the operating performance of listed brokerages, suggesting a period of consolidation at current low levels to prepare for new investment opportunities [2] - Guojin Securities recommended focusing on undervalued brokerages for potential rebound opportunities during the spring market rally, particularly those with high AH premium rates and themes of mergers and acquisitions [2]

Group 1 - The core viewpoint of the article highlights the release of guidelines by the National Development and Reform Commission and the National Energy Administration aimed at promoting high-quality development of the power grid to address stability challenges posed by a high proportion of renewable energy integration [1] - The document provides clear directives on areas such as total investment in the power grid, coordination of main and micro grids, and the application of new technologies [1] - It is projected that during the 14th Five-Year Plan period, the basic construction investment in the power grid may reach 3.8 trillion yuan, driven by continuous growth in electricity consumption [1] Group 2 - The article suggests focusing on segments such as ultra-high voltage, digitalization of the power grid, and interconnectivity as key areas of investment opportunity [1]

Core Viewpoint - The U.S. military operation in Venezuela aims to control the country's oil resources, leading to significant geopolitical and market implications [2] Group 1: Geopolitical Impact - The U.S. launched a military operation in Venezuela, resulting in the detention of President Maduro and his wife, causing political instability [2] - Venezuela holds the world's largest proven oil reserves at 303.4 billion barrels, making its oil a strategic asset in the geopolitical landscape [2] - The operation is expected to lead to a short-term disruption in global oil supply, with Venezuela's oil exports effectively halted [1][4] Group 2: Oil Supply and Price Outlook - Venezuela's oil production is projected to face a short-term supply shock, with a potential supply gap of around 1 million barrels per day [1] - Geopolitical tensions may drive oil prices higher in the short term, but the overall market remains in a supply surplus, with prices expected to stabilize between $60 and $70 per barrel [5] - If the U.S. successfully stabilizes Venezuela and reforms its oil industry, production could rebound to 2-3 million barrels per day within 5-7 years [3] Group 3: Impact on Companies - U.S. oil companies like Chevron may benefit from the situation, as they are positioned to expand production in Venezuela [3] - Chinese oil companies face significant risks due to potential contract terminations and operational disruptions amid the political turmoil [3] - The production of asphalt, sulfur, and petroleum coke, which are byproducts of Venezuela's heavy crude oil, may see price increases due to supply chain disruptions [6]

智通财经APP获悉，中信证券发布研报称，亚太新兴经济体在2025年展现出超预期的韧性，但部分驱动 因素在2026年或将减弱，在此过程中出口导向型经济体或将承受更大压力，而内需驱动型市场或更具韧 性。结合CLSA分析，该行预计在高基数的背景下，亚太新兴经济体经济增长或将温和降温，低通胀下 部分经济体的货币政策仍有宽松空间。具体国家来看，印度、印尼、泰国、菲律宾和越南或将延续宽松 周期，但马来西亚和新加坡或将维持稳健的货币政策。 中信证券主要观点如下： 本月核心关注因素：亚太新兴经济体在2025年展现出超预期的韧性，但部分驱动因素在2026年或将减 弱，在此过程中出口导向型经济体或将承受更大压力，而内需驱动型经济体或更具韧性。 2025年，全球经济增长出现超预期韧性，主要得益于消费前置、人工智能资本支出以及强劲的股票市 场，带动亚太新兴经济体实现超预期经济增长。展望2026年，支撑亚太新兴经济体经济增长的驱动因素 可能边际减弱，在前期高基数背景下，亚太新兴经济体增速或将呈现"前低后稳"的温和放缓态势，出口 导向型经济体或将承受更大压力，内需驱动型经济体则相对稳健。此外，全球范围内国家安全范式正经 历深刻变革，或将 ...

Core Viewpoint - The geopolitical turmoil in Venezuela following the U.S. raid on Caracas has led to significant disruptions in the country's oil exports, which may impact global oil supply and prices [1] Oil Market Impact - Venezuela, holding the largest proven oil reserves globally, has seen its oil exports nearly halted, creating a potential supply gap of around 1 million barrels per day [1] - The ongoing accumulation of land storage tanks and offshore floating storage may accelerate the pace of oil production cuts [1] - Geopolitical risks are expected to drive oil prices higher in the short term, although the global oil market remains in a supply surplus, with prices projected to fluctuate between $60 to $70 per barrel [1] Investment Opportunities - Companies involved in oil and gas production, as well as those producing asphalt, sulfur, and petroleum coke, are recommended for attention due to the anticipated market changes [1]

Core Viewpoint - The PCB functional wet chemical industry is entering a phase of "structural upturn driven by AI" and "accelerated domestic substitution" from 2025 to 2026, marking a period of simultaneous quantity and quality improvement [1] Group 1: Industry Dynamics - Functional wet chemicals are critical for high-end PCB manufacturing, with low domestic substitution rates in key processes like hole metallization and electroplating [2] - Hole metallization and electroplating contribute approximately 60% of the value in PCB manufacturing, making them core value segments [2] - The cost share of functional wet chemicals in high-end PCBs has risen to 5-10% as the industry moves towards high-frequency, high-speed boards and advanced packaging [2] Group 2: AI and Technology Impact - AI is driving the upgrade of PCB processes, significantly increasing the demand for high-end functional wet chemicals [2] - The transition to finer line widths (from 40μm to 15μm) under mSAP/SAP processes is expected to increase the demand for horizontal copper plating solutions by about 30% and nearly double the need for electroplating additives [2] Group 3: Market Growth Projections - The global market for PCB functional wet chemicals is projected to grow from $3.54 billion in 2025 to $4.46 billion by 2029, with core growth driven by hole metallization and electroplating [3] - The market for horizontal copper plating and electroplating specialty chemicals is expected to reach $700 million and $930 million respectively by 2029, with a CAGR of 7.0% from 2025 to 2029 [3] Group 4: Domestic Manufacturer Opportunities - Domestic manufacturers are accelerating breakthroughs in high-end segments and have achieved domestic substitution in certain niche markets [3]