Investment Rating - The report suggests that the general Agent will continue to be a competitive focus for major model manufacturers in 2026, indicating a positive investment outlook for Agent-related applications and ecosystem opportunities [5]. Core Insights - The competition in the general Agent field is intensifying among leading model manufacturers, with new iterations of Agent applications being released by companies like Anthropic, ByteDance, and Alibaba [3][4]. - The transition from ChatBot to Agent as the primary entry point for general model applications is underway, driven by advancements in core capabilities such as coding and Agentic functions [23]. - The report highlights that the next generation of Agent products will likely follow the aggressive path set by Anthropic's Claude Cowork, which integrates user file permissions for more direct interaction [12][13]. Summary by Sections Industry Dynamics - In early 2026, major players like Anthropic, ByteDance, and Alibaba have launched new iterations of general Agent applications, focusing on desktop environments as the new product definition [3]. - Anthropic's Claude Cowork, released on January 12, 2026, is designed as a desktop work Agent for non-programmers, allowing for direct file operations on users' computers [4][8]. Product Developments - Claude Cowork enhances user interaction by allowing direct access to local files, enabling tasks such as reading, writing, and organizing files without manual uploads [9]. - Domestic companies are also iterating their Agent products, with Alibaba's Qianwen and ByteDance's Coze 2.0 updates enhancing their respective ecosystems and productivity platforms [13]. Valuation and Recommendations - The report emphasizes the importance of monitoring the evolution of Agent products and the related application ecosystem, as well as the increasing computational demands associated with these advancements [5][25]. - The anticipated growth in the Agent sector is expected to create significant investment opportunities, particularly in vertical industries with accumulated data and customer bases [25].

Investment Rating - The report suggests focusing on core equipment companies within the industry [5]. Core Insights - Strong policy certainty and strategic benefits are continuously being released, with fusion energy identified as a new economic growth point in the national "14th Five-Year Plan" [4][8]. - The approach towards commercialization is heating up, with significant technological milestones expected to be reached by 2027, particularly with the BEST project, which aims to validate the steady-state operation of burning plasma and the entire power generation process [4][10]. - Global capital is increasingly flowing into the fusion sector, with investment in the private fusion industry nearing €13 billion by November 2025, reflecting a 50% increase in just five months [9]. - The domestic industry is gaining a significant position in global fusion commercialization, supported by both national and local policies [8][9]. Industry Dynamics - The "2026 Fusion Energy Technology and Industry Conference" held in Hefei highlighted key technological breakthroughs in core materials and equipment for projects like BEST and CRAFT [3][8]. - The BEST project aims to complete the world's first compact fusion energy experimental device by 2027, focusing on reducing risks associated with commercial reactor construction [10][11]. - The CRAFT project has achieved significant milestones, nearing 95% completion, and is expected to provide critical support for the development of fusion materials and technologies [18][19]. Global and Domestic Development Trends - The global fusion industry is entering a rapid development phase, with over 50 commercial fusion companies emerging and major tech firms like Microsoft and Google entering the market [9]. - The U.S. and China are becoming the core driving forces in the global fusion industry, with the U.S. relying on private capital and scientific breakthroughs, while China utilizes a state-driven model with broad social capital participation [9]. Project Progress - The BEST project has completed 35% of its overall progress, with 47 out of 119 milestones achieved by the end of 2025 [11]. - The CRAFT project has successfully passed initial performance tests and is advancing towards national acceptance, with significant contributions to the localization of key equipment [19].

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The dexterous hand is a critical subsystem in humanoid robots, determining their functional limits and commercialization speed. It integrates perception, control, and intelligent decision-making, and its engineering complexity may account for half of the overall development effort of the robot [3][18]. - The technology path for dexterous hands is still in a phase of parallel exploration, with various transmission methods being tested, including tendon structures, gears, and linkages, each with its own advantages and challenges [3][40]. - The market demand for dexterous hands is expected to grow as the humanoid robot industry accelerates, with projections indicating a market capacity of 760,100 units and a value of approximately 1.706 billion yuan in 2024, potentially reaching 1.4121 million units and over 3 billion USD by 2030 [21][22]. Summary by Sections Section 1: Dexterous Hand - Multi-Technology Pathways - The dexterous hand plays a strategic role in humanoid robots, transitioning from "walking" to "working" capabilities, and is a key differentiator in competition [3][15]. - The development of dexterous hands is characterized by increasing degrees of freedom and integration of soft materials and biomimetic structures [28]. Section 2: Drive System - Focus on Cost Reduction of Brushless DC Motors - The drive system is considered the "muscle" of humanoid robots, primarily utilizing electric motor drives, including brushless DC motors, hollow cup motors, and frameless torque motors [60][67]. - Brushless DC motors are highlighted for their efficiency, longevity, and low maintenance, making them suitable for high-power and high-load applications [70]. Section 3: Transmission System - Ongoing Technical Iteration - Various transmission methods are being explored, including tendon, linkage, gear, and chain systems, each presenting unique advantages and challenges [43][44]. - The tendon transmission method is noted for its lightweight and flexibility, while gear transmission is recognized for its compactness and mechanical efficiency [44]. Section 4: Perception System - Accelerating Multi-Modal Fusion - The perception system is crucial for real-time monitoring of the dexterous hand's position, force, and tactile feedback, with an increasing number of tactile sensors being integrated [37][46]. - The current trend is towards flexible, cost-effective electronic skin technologies that enhance the dexterous hand's operational precision and stability [46]. Section 5: Market Dynamics - Diverse Stakeholder Engagement - The market for dexterous hands is characterized by a variety of manufacturers, with third-party suppliers and robot manufacturers coexisting, each bringing unique strengths to the market [55]. - The report indicates that the Linker Hand series by Lingxin has captured over 80% of the high-degree-of-freedom dexterous hand market, with monthly orders exceeding 1,000 units [55].

Investment Rating - The report initiates coverage on Xinke Mobile (688387) with an "Outperform" rating and a target price of 22.61 CNY, based on a Sum-of-the-Parts (SOTP) valuation, indicating a potential upside of 18.9% [4]. Core Insights - Xinke Mobile is a leading player in the autonomous communication standard and system construction, with a strong technical foundation, having accumulated 17,170 patents by the end of 2024 and ranking tenth globally in effective 5G standard patents [4]. - The company is a core participant in satellite internet communication systems, leading the development of 21 5G NTN (Non-Terrestrial Network) standards, which account for about one-third of global initiatives [4]. - Xinke Mobile's satellite internet strategy includes a full-stack layout across the entire industry chain, enhancing its growth logic through advancements in phased array technology and payload value expansion [4]. - The company has established key patent licensing agreements with major overseas terminal manufacturers, including a $95 million patent licensing fee from Apple, showcasing its strong patent operation capabilities [4]. - The report highlights a significant difference in market perception, asserting that Xinke Mobile is a key payload supplier for satellite internet, poised to benefit from industry trends [4]. Revenue and Profit Forecast - The report forecasts revenues of 6.136 billion CNY, 6.227 billion CNY, and 8.012 billion CNY for the years 2025, 2026, and 2027, respectively, with net profits of -192 million CNY, 58 million CNY, and 330 million CNY for the same years [4]. - The expected EPS for 2025, 2026, and 2027 is -0.06 CNY, 0.02 CNY, and 0.10 CNY, respectively, with a CAGR of 289% from 2026 to 2027 [4]. Industry Overview - The global mobile communication industry is currently in the 5G phase, with significant advancements in standards and technology, including the establishment of the IMT-2020 (5G) promotion group in China [32]. - The integration of satellite and terrestrial networks is a key feature of the upcoming 6G era, with the report emphasizing the importance of satellite technology in enhancing communication coverage [37]. - The demand for low Earth orbit (LEO) satellite constellations is increasing, with significant improvements in download speeds and latency compared to traditional geostationary satellites [41]. - The report notes that the global satellite internet construction is entering a peak phase, driven by companies like SpaceX, which has significantly increased its satellite launch numbers [45]. - The Chinese government is actively supporting the commercial space sector, with policies aimed at fostering the development of satellite internet and related technologies [54].

Investment Rating - The report estimates that Alibaba Cloud's revenue CAGR is expected to exceed 30% over the next three years [5]. Core Insights - Alibaba's Tongyi series models lead globally through an open-source strategy and continuous investment in iteration, enhancing its model engineering capabilities [4][15]. - The company has announced a capital expenditure plan of 380 billion RMB over three years to enhance its infrastructure, which is currently distributed across 29 regions and 92 availability zones globally [4][60]. - Alibaba Cloud is building a developer ecosystem through the Bailian platform and the Modao community, creating a unique business model that integrates model open-sourcing, computing power monetization, and ecosystem value addition [4]. Summary by Sections Full-Stack Technology and Infrastructure - Alibaba Cloud's full-stack technology establishes a strong competitive moat in the AI era, with significant investments in infrastructure and self-developed GPU chips [4][15]. - The company aims to enhance its overseas infrastructure layout, leveraging its global data center expansion and AI product internationalization [7]. Revenue Growth and Profitability - The report anticipates a significant increase in profitability, with profit margins expected to exceed 15% due to the rising proportion of AI revenue and high-margin overseas business [6]. - The domestic market is experiencing accelerated intelligent transformation across industries such as internet, finance, and automotive, allowing Alibaba Cloud to continuously increase its market share [7]. Competitive Positioning - Alibaba Cloud maintains a leading position in model iteration, scenario adaptation, and understanding of B2B customers, with a robust global infrastructure that supports its AI development [15]. - The Tongyi series models have established a comprehensive technology matrix, serving over 1 million enterprise customers globally and demonstrating strong commercial viability [23][29]. AI Ecosystem and Applications - The report highlights the importance of open-source strategies in building a robust AI ecosystem, with Alibaba's Tongyi models being the most downloaded globally [26][45]. - Alibaba is advancing its C-end applications and hardware ecosystem, aiming to create a super app that integrates various services and enhances user engagement [47].

Investment Rating - The report suggests a positive outlook for the wind power industry, indicating a comprehensive improvement in profitability across the supply chain by 2026 [5]. Core Insights - The report identifies three major trends that are expected to drive a more comprehensive improvement in profitability within the Chinese wind power supply chain in 2026: 1. Domestic onshore wind turbines are anticipated to show significant profitability rebound elasticity, benefiting from improved industry demand. 2. Export profitability and order elasticity are expected to expand across the industry. 3. Domestic offshore wind power is poised for significant potential during the "14th Five-Year Plan" period [24][22]. Summary by Sections Section 1: Outlook for Domestic and Overseas Wind Power Demand in 2026 - The domestic wind power installation is projected to reach 130-140 GW in 2026, with offshore wind contributing 10-12 GW. This growth is expected despite a high base in 2025, primarily driven by onshore wind demand [11][10]. Section 2: Three Major Trends Driving Profitability Improvement - The report outlines three trends that will enhance profitability in the wind power supply chain: 1. Onshore wind turbines are expected to experience a notable rebound in profitability, with component manufacturers also benefiting from favorable industry demand [24]. 2. The acceleration of exports is anticipated to broaden profitability and order elasticity across the industry [40]. 3. The domestic offshore wind sector is expected to have significant potential, particularly during the "14th Five-Year Plan" [24]. Section 3: Profitability Trends in Onshore Wind Turbines - The average price of domestic onshore wind turbines has shown a positive recovery trend, with an increase of approximately 8-10% in the average bidding price from 2024 to 2025 [27][31]. - The report indicates that the recovery in turbine prices is expected to continue, driven by a more stable competitive landscape and a focus on overseas markets by leading manufacturers [31]. Section 4: Export Growth and Market Expansion - Chinese wind turbine exports are accelerating, with new orders exceeding 20 GW in 2024, significantly higher than historical levels. The report forecasts continued growth in export orders through 2025 [42][41]. - The report highlights that the European market presents a substantial opportunity for Chinese manufacturers, with expectations of significant breakthroughs in the coming years [46]. Section 5: Offshore Wind Power Development - The report notes that while the offshore wind sector in Europe is experiencing challenges, government responses are being implemented to address these issues, indicating potential for future growth [49].

Investment Rating - The report suggests a positive outlook on the Chatbot industry, indicating it has become a "Killer App" in the AI era, with significant user engagement and growth potential [3][6]. Core Insights - Chatbots have emerged as a transformative application in the AI landscape, akin to social media platforms in the internet era, enabling users to become content creators with low barriers to entry [3][9]. - ChatGPT leads the global market with over 870 million monthly active users (MAU) as of November 2025, capturing 63% of the market share, while domestic competitor Doubao has also achieved significant user engagement [3][25]. - The evolution from Chatbot to Agent is anticipated, with potential for Chatbots to develop into comprehensive service platforms, similar to early messaging apps [3][10]. - Monetization strategies are evolving, with current models focusing on subscriptions in overseas markets and free access in domestic markets, suggesting a shift towards a "free + transaction-driven advertising" model in the future [3][10]. Summary by Sections Section 1: Chatbot as a "Killer App" - Chatbots are positioned as the leading application in the AI era, demonstrating rapid user growth and engagement comparable to social media platforms [3][9]. - The user engagement metrics for ChatGPT show a monthly active user count surpassing major social platforms, indicating a shift in user behavior towards AI applications [3][10]. Section 2: Market Dynamics - ChatGPT's user base has reached over 700 million weekly active users (WAU), while Gemini, a competitor, has 650 million active users, showcasing a competitive landscape [25][30]. - The report highlights the importance of user retention, with ChatGPT showing higher retention rates compared to competitors, indicating strong user loyalty [29][30]. Section 3: User Behavior and Engagement - The report notes that ChatGPT's average daily usage time is around 16-17 minutes, reflecting deep integration into users' daily routines [29][30]. - The user overlap between different AI applications suggests that users are leveraging multiple tools for various tasks, indicating a trend towards diversified usage [33][34]. Section 4: Domestic Market Insights - In the Chinese market, Doubao has established a leading position with over 100 million daily active users (DAU), benefiting from the mobile internet's growth trajectory [49][50]. - The report emphasizes the rapid growth of AI applications in China, particularly through in-app integrations with major platforms like WeChat and Douyin [50][56].

Investment Rating - The report maintains a "Positive" investment rating for several companies across various sectors, including Southern Copper, Vale, Bunge, Broadcom, and others, indicating a favorable outlook for these companies based on their operational strengths and market conditions [9][10]. Core Insights - The overall risk appetite stabilized in December 2025, with global equity markets experiencing slight gains, rising interest rates, and a weakening dollar. Emerging markets outperformed developed markets, particularly driven by strong performances in AI-related sectors in South Korea [4]. - The report highlights that the financial sectors in Europe and Japan continue to perform strongly, while the semiconductor and tech hardware sectors in emerging markets also show robust performance. In contrast, the tech sector in developed markets is underperforming [4]. - New coverage includes three overseas companies: Adidas, Linde Group, and Walmart, all rated as outperforming their respective industries [4]. Summary by Sections Global Industry Overview - Emerging markets, particularly in AI, are showing strong growth, with South Korea leading the way. Developed markets are seeing varied performances, with Europe outperforming Japan and the US [4]. - The financial industry in Europe and Japan is highlighted for its continued strength, while the semiconductor and tech hardware sectors in emerging markets are noted for their robust performance [4]. Newly Covered Companies - Adidas (ADS.GR) is rated as outperforming the industry due to its strong market position and growth potential. - Linde Group (LIN.US) is also rated positively, reflecting its operational strengths and market dynamics. - Walmart (WMT.US) is rated as outperforming, indicating confidence in its business model and market strategy [4].

Investment Rating - The report maintains a positive outlook for the A-share market, indicating that the market has moved past its bottom phase and is expected to continue its upward trend into 2026 [1][2]. Core Insights - The report emphasizes that the A-share market is likely to experience a shift from valuation recovery to improved earnings expectations, with a projected overall profit growth of approximately 4.7% for 2026 [3][36]. - It highlights the importance of macroeconomic factors, including the restructuring of the global monetary order and the ongoing AI technology revolution, which are expected to support the performance of Chinese assets [2][12]. - The report suggests that the market may experience a balanced style shift, with a focus on sectors benefiting from high growth and innovation, as well as those poised for cyclical recovery [4][38]. Summary by Sections Macroeconomic and Policy Environment - The report discusses the ongoing restructuring of international order and its impact on China's industrial innovation, suggesting that the safety of dollar assets is being questioned, which may benefit Chinese assets [12][16]. - It notes that while domestic demand still needs repair, external demand shows resilience, with exports expected to remain stable due to China's manufacturing advantages [13][14]. Earnings Outlook - The report forecasts a positive earnings growth trajectory for 2026, with non-financial corporate earnings expected to grow by around 8.2%, driven by policy implementation and improvements in supply-demand dynamics [36][37]. - It highlights that the banking sector may see stable earnings, while the brokerage and insurance sectors could benefit from an active capital market, although growth rates may moderate due to high base effects [37][39]. Structural Analysis - The report identifies key investment opportunities in high-growth sectors such as AI technology, innovative pharmaceuticals, and high-end manufacturing, which are expected to contribute positively to overall market performance [38][39]. - It emphasizes the importance of the capacity cycle, noting that many industries are approaching improvement points after a period of capital expenditure reduction, which could lead to enhanced earnings elasticity [39][40]. - The report also points out that overseas expansion remains a significant growth opportunity for companies, with an increasing share of revenue coming from international markets [40].

Investment Rating - The industry investment rating is not explicitly stated in the provided content, but the analysis suggests a cautious outlook for 2026 due to supply constraints and demand resilience. Core Insights - The report indicates that 2026 is expected to be a turning point for the aviation industry, with a genuine reversal in supply and demand dynamics anticipated [60][64]. - Supply constraints are highlighted, with aircraft manufacturers Boeing and Airbus expected to continue facing delivery delays, impacting overall capacity [9][12]. - Demand remains resilient, with a projected growth rate of approximately 5% for 2026, despite supply limitations [36][56]. Supply Summary - Aircraft manufacturers are experiencing capacity shortages, with Boeing and Airbus not expected to return to pre-pandemic delivery levels [9][10]. - The report notes that the delivery volume for Boeing's B737MAX and Airbus's A320NEO remains below pre-pandemic figures, with 2026 targets still not reaching those levels [10]. - Engine issues are affecting the industry, with an increase in grounded aircraft expected in 2026 due to problems with Pratt & Whitney engines [16][17]. - The aircraft utilization rate is projected to increase slightly in 2026, but the growth potential is limited [21]. Demand Summary - The demand for air travel is expected to show resilience, with a projected passenger turnover growth of 8% in 2025, leading to a 5% growth in 2026 [37][56]. - Domestic air travel demand is anticipated to outpace rail travel, with increasing flight distances to counter competition from high-speed rail [41][44]. - The report suggests that the passenger load factor is expected to reach historical highs, with a forecasted increase to 87% in 2026 [50][56]. - Potential demand growth is expected to exceed 5%, but actual demand growth will be constrained by supply limitations [53][56]. Conclusion - The aviation industry is poised for a significant shift in 2026, with supply constraints likely to create a supply-demand imbalance, leading to increased ticket prices and a focus on capacity management [60][66].