Core Viewpoint - The Chinese commercial aerospace industry is identified as a strategic emerging industry that resonates with national strategy and industrial trends, expected to see significant catalysts in 2026, including reusable rocket technology validation and IPO progress for commercial aerospace companies [1] Industry Status - The industry has developed a complete supply chain consisting of "satellites, rockets, and launch sites" over the past decade, with a current core issue being severe "insufficient capacity" in rocket launch capabilities, which is a bottleneck for scaling the industry [1] - In 2025, there will be a total of 323 orbital rocket launches globally, with the U.S. conducting 193 (SpaceX 165) and China 92 (Long March series 69), indicating a competitive landscape where the U.S. is currently leading [1] - The U.S. has deployed 3,724 satellites compared to China's 372, with the U.S. commercial launch market accounting for 82% of total capacity, approximately ten times that of China [1] Rocket Segment - The key to enhancing commercial aerospace capacity lies in reusable rocket technology, which transforms rocket hardware from "single-use" to "reusable assets," significantly reducing launch costs and increasing launch frequency and total payload [2] - SpaceX's Falcon 9 has achieved 32 reuse records by 2025, while China is expected to begin its first reusable rocket validation in 2026 [2] - The launch cost of Falcon 9 is approximately 18,000 yuan/kg, compared to 85,000 yuan/kg for Ariane 5, indicating a cost reduction of about 4-5 times due to reusable technology [2] Satellite Segment - As of now, SpaceX has launched 10,955 satellites with a long-term plan for about 42,000, while China's StarNet has launched 174 with a plan for 13,000 [3] - China has submitted an application for frequency and orbital resources for an additional 203,000 satellites to the ITU, marking the largest international frequency application action by China [3] - The current satellite deployment by China is just beginning, and with breakthroughs in reusable rocket technology, the satellite network in China is expected to experience significant growth [3] Investment Logic - Short-term: The supply chain for rocket capacity is expected to benefit from the current capacity shortage, with a focus on high-value components such as engines and structural parts [4] - Suggested investment opportunities include companies involved in 3D printing technology, high-barrier rocket materials, and high-quality structural components [4] - Long-term: The breakthrough in reusable technology is anticipated to shift the business model of rocket manufacturers from research and development to launch operations, enhancing profitability and operational efficiency [5] - The demand for satellites is expected to grow rapidly, with satellite companies being identified as having long-term inflationary attributes [6]

Group 1 - The newly established fund is named Xuzhou Xugong Zhiyuan Zhanxin Advanced Intelligent Manufacturing Equity Investment Fund Partnership (Limited Partnership) with a total investment amount of 1 billion RMB [1] - The fund's operational scope includes private equity investment, investment management, and asset management activities [1] - The fund is jointly funded by Xuzhou Strategic Emerging Industry Mother Fund Co., Ltd., Xugong Group Industrial Investment Development (Xuzhou) Co., Ltd., and China Merchants Securities Co., Ltd. through its subsidiary, China Merchants Zhiyuan Capital Investment Co., Ltd. [1] Group 2 - The fund's execution partner is China Merchants Zhiyuan Capital Investment Co., Ltd. [1] - The partners include state-owned enterprises and private equity management firms, indicating a diverse funding structure [2] - The fund aims to support strategic emerging industries in Xuzhou, reflecting a focus on advanced manufacturing and innovation [1][2]

Core Viewpoint - The report from China Merchants Securities forecasts that China's export growth will maintain around 5% by 2026, despite challenges, supported by various factors [1] Group 1: Export Growth Factors - December export growth continues to rebound, with overall export performance significantly better than imports, driven by a more favorable trade environment following the US-China summit in October [1] - The transition of export structure from traditional labor-intensive products to high-value products like integrated circuits, automobiles, and ships is evident, with strong growth in new products compensating for the decline in traditional exports [2] - China's diversification strategy in foreign trade is effective, with strong export performance to the EU and ASEAN, offsetting the significant decline in exports to the US [1][3] Group 2: Export Product Structure - Integrated circuit exports surged over 40% in December, maintaining a growth rate above 20% for nine consecutive months, aided by the easing of semiconductor trade restrictions [2] - Automobile exports saw a substantial increase of approximately 71% in December, driven by competitive advantages in electric vehicles and preemptive shipping to Europe before potential tariffs [2] - Shipbuilding exports continue to grow rapidly, with a 16.2% increase for the year, supported by global fleet renewal and China's production capacity [2] - Traditional labor-intensive product exports remain weak, with textiles, clothing, and other categories experiencing continued low demand [2] Group 3: Export Destination Performance - Exports to the US continued to decline, with a 30% drop in December, marking the ninth consecutive month of double-digit decreases, reflecting cautious purchasing behavior amid inventory adjustments [3] - Exports to Europe maintained growth above 10%, driven by seasonal demand and preemptive actions by importers ahead of new carbon regulations [3] - ASEAN remains China's largest trading partner, with exports to the region showing consistent growth, while exports to Africa have also been robust, maintaining double-digit growth since March 2025 [3] Group 4: Import Trends - Imports have shown positive growth for seven consecutive months, characterized by increased volumes of major commodities like iron ore and crude oil, despite falling prices [4] - Soybean imports continued to grow slightly, contributing to overall import stability, alongside active imports of high-tech intermediate goods driven by domestic industry upgrades [4] - Domestic demand policies aimed at stabilizing growth and expanding consumption have also led to a rebound in imports of consumer goods and production materials [4]

招商证券股份有限公司 经公司研究决定，自2026年1月14日，聘牛中强任托管部副总经理（主持工作），赵斗斗不再担任托管 部总经理职务。 特此公告。 2026年1月16日 ...

Core Viewpoint - Zhuhai Saiwei Electronic Materials Co., Ltd. has voluntarily withdrawn its IPO application after more than three years of efforts, marking the end of its journey to list on the ChiNext board [1][2]. Company Overview - The company specializes in the research, production, and sales of lithium-ion battery electrolytes and is a supplier to major battery manufacturers such as CATL, Yiwei Lithium Energy, and others [3]. - The planned IPO aimed to issue no more than 23.09 million shares to raise 1 billion yuan for projects including electrolyte production and a research center [3]. IPO Process and Challenges - The IPO application was accepted on September 29, 2022, and after several rounds of review, it passed the listing committee meeting on September 15, 2023. However, it did not receive the final registration approval [2]. - Key concerns raised during the review included the company's core competitiveness, particularly its reliance on "customer-supplied formulas," which accounted for nearly half of its revenue, raising questions about its technological independence and bargaining power [4]. Financial Performance - The company reported a significant decline in performance for the first half of 2023, with revenue of 593 million yuan, a year-on-year decrease of 46%, and a net profit of 54.75 million yuan, down 56.9% [4]. - Despite a 42.18% increase in sales volume, the average selling price of electrolytes dropped from 85,400 yuan per ton in 2022 to 32,300 yuan per ton in 2023, severely impacting profit margins [4]. Industry Context and Risks - The company faces high customer concentration, with the top five customers' sales proportion increasing from 56.21% to 66.14%, indicating deeper reliance on major clients [5]. - The company is also exposed to risks from technological changes in the battery industry, such as solid-state and sodium-ion batteries, and significant fluctuations in raw material prices [5]. - The company's operating cash flow turned negative, dropping from 31.79 million yuan to -82.31 million yuan between 2021 and 2022, highlighting significant cash flow volatility [5].

Group 1 - The core point of the article is the establishment of the Xuzhou Xugong Zhiyuan Advanced Intelligent Manufacturing Equity Investment Fund Partnership, with a total investment of 1 billion RMB [1] - The fund is managed by the executive partner, China Merchants Zhiyuan Capital Investment Co., Ltd., and focuses on private equity investment, investment management, and asset management activities [1] - The fund's partners include Xuzhou Strategic Emerging Industry Mother Fund Co., Ltd., Xugong Group Industrial Investment Development (Xuzhou) Co., Ltd., and China Merchants Zhiyuan Capital Investment Co., Ltd. under China Merchants Securities [1]

Company Overview - Guoen Co., Ltd. (002768) is undergoing a listing hearing on the Hong Kong Stock Exchange, sponsored exclusively by China Merchants Securities International. The company operates in two main segments: Advanced Chemicals (Chemical New Materials) and Health Products (Gelatin, Collagen, and related upstream and downstream products) [1] Advanced Chemicals Segment - The Advanced Chemicals segment focuses on the chemical new materials industry, offering products such as green petrochemical materials (e.g., aromatic olefins, styrene, polystyrene) and organic polymer modified materials and composites. These products serve downstream industries including automotive, new energy, and home appliances [1] - According to Frost & Sullivan, Guoen Co., Ltd. is the second largest company in China for organic polymer modified materials and organic polymer composites by sales revenue in 2024, holding a market share of 2.5%. It is also the largest producer of polystyrene in China by production capacity in 2024 [1] Health Products Segment - The Health Products segment focuses on the natural collagen industry, developing collagen peptide derivatives and end products through its subsidiary Dongbao Biological (300239). The primary customers are medical and pharmaceutical manufacturers [1] - Based on Frost & Sullivan's data, Guoen Co., Ltd. ranks as the second largest producer of bone gelatin in China by production volume in 2024, and it is the largest domestic brand in this category. Additionally, it is the second largest domestic brand in the hollow capsule production sector in China, according to 2024 production volume estimates [1] Market Outlook - The market for organic polymer modified materials and organic polymer composites in China is projected to grow from RMB 544.8 billion in 2024 to RMB 1,037.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 14.1% [2]

Core Viewpoint - The report from China Merchants Securities indicates that due to a slight recovery in sow production capacity in 2024, the overall trend of pork prices will continue to decline in 2025, although there may still be slight profits for the year [1] Industry Analysis - The industry is experiencing a dual pressure of passive capacity reduction due to "anti-involution" and active capacity reduction driven by pork prices falling below cash costs [1] - Sow production capacity began to be reduced in July and is expected to accelerate from October [1] - It is anticipated that pork prices may gradually recover in the second half of 2026 [1] Cost Dynamics - There remains a significant variance in breeding costs within the industry, with high-quality pig enterprises continuing to expand their cost advantages [1] - Cash flow for these enterprises is expected to improve continuously, aiding in the repair of balance sheets and enhancing intrinsic value [1]

Core Viewpoint - Since 2021, the chemical and petrochemical industries have seen increased capital expenditures due to high prices of chemical products, initiating a new round of capacity expansion [1] Group 1: Industry Trends - From 2022 onwards, the release of new capacities, combined with a decline in crude oil prices, has led to a continuous drop in the prices of most chemical products [1] - Domestic companies have adopted a strategy of price competition to gain market share, resulting in an overall decline in profitability [1] Group 2: Future Outlook - As of 2024, most chemical product prices are stabilizing at the bottom, and corporate profitability remains under pressure [1] - With the introduction of subsequent growth stabilization plans, it is anticipated that some outdated capacities may be eliminated, leading to a marginal improvement in the overall supply-demand structure of the industry and an increase in product profitability [1]

Core Viewpoint - Dazhu CNC has released a 2025 performance forecast that significantly exceeds market expectations, driven by the expansion of computing power PCB and technological upgrades, indicating strong growth potential in the PCB equipment industry [1] Group 1: Company Performance - Dazhu CNC is the global leader in PCB equipment, maintaining the top position among domestic PCB equipment manufacturers for 16 consecutive years [1] - The company is expected to achieve revenue of 5.79 billion, 9.01 billion, and 12.88 billion for 2025-2027, with net profits of 830 million, 1.51 billion, and 2.16 billion respectively [1] - The corresponding price-to-earnings ratios (PE) are projected to be 61.9, 34.1, and 23.8 for the same period [1] Group 2: Industry Outlook - The trend of expanding computing power PCB and technological upgrades in the downstream market is favorable for Dazhu CNC, reinforcing its core position, technological leadership, and high-end product upgrades in the PCB equipment industry [1] - The company is expected to enter a new phase of high-quality growth due to accelerated production of AI PCBs and the upgrade of high-end products [1] - The strong performance forecast and growth potential of new high-end products support a "strong buy" rating for the company [1]