Group 1: AHP Score and Expected Allocation Ratio - The AHP score for the company is calculated to be 2.94 and 2.66, placing it in the 48.6% and 45.2% percentile of the AHP model, indicating a position in the lower upstream and upper midstream levels [6][7]. Group 2: Fundamental Highlights and Features - The company is a leading domestic supplier of core components for semiconductor equipment, focusing on plasma technology with applications in semiconductors, photovoltaics, display panels, and precision optics [8][11]. - The company has achieved breakthroughs in the localization of plasma RF power systems, which are critical components in semiconductor manufacturing, breaking the long-standing monopoly of foreign giants [11][12]. - The company holds the largest market share among domestic manufacturers of plasma RF power systems, with a market share of 6.1% in 2024 [15][14]. Group 3: Financial Performance and Comparisons - From 2022 to H1 2025, the company's revenue and net profit have shown a compound annual growth rate (CAGR) of 84.91% and 132.48%, respectively, outperforming comparable companies [22][21]. - The company’s gross margin has steadily increased, reaching 49.01% in H1 2025, which is higher than the average of comparable companies [26][27]. - The company has maintained a high R&D expenditure ratio, exceeding 10% in each period from 2022 to H1 2025, indicating a strong commitment to innovation [28][29]. Group 4: Expansion and Investment Projects - The company plans to expand its production capacity through the "Shenyang Semiconductor RF Power System Industrialization Project," which will add an annual production capacity of 20,000 units [16][31]. - The investment projects aim to enhance production capabilities and R&D, including the establishment of a smart production base and a technology innovation center [31][32]. Group 5: Market Trends and Future Outlook - The domestic semiconductor market is expected to grow significantly, with a projected CAGR of 15.6% for plasma RF power systems from 2025 to 2029, driven by increased capital expenditures from wafer fabs [13][14]. - The company is positioned to benefit from the expansion of domestic wafer fabs, which are expected to increase from 29 to 71 by 2027 [13].

Quantum Technology - The report highlights the clear positioning of the NISQ (Noisy Intermediate-Scale Quantum) era, indicating that current quantum devices are operational but limited in capability, lacking fault tolerance and scalability. Experts estimate that small-scale fault-tolerant quantum computers will take about ten years to develop [8][9] - The collaboration between Argonne National Laboratory and Intel has successfully deployed a 12-qubit silicon-based quantum processor, demonstrating the value of mature silicon technology in scaling quantum computing [10] - D-Wave has showcased a scalable on-chip low-temperature control gate model quantum bit, significantly reducing wiring costs and addressing a major bottleneck in the industry [12][14] Biomanufacturing - Micro Yuan Synthesis has secured nearly 300 million yuan in financing to accelerate the development of methanol biomanufacturing, which addresses the reliance on food-based raw materials in traditional biomanufacturing [15][16] - The first gene-consistent human "lung chip" has been developed, providing a new tool for personalized treatment of respiratory diseases and potentially revolutionizing drug development by reducing reliance on animal models [18] Hydrogen Energy and Nuclear Fusion - Policies in Shanghai and other regions are reducing the operational costs of hydrogen vehicles through subsidies and free highway access, which is expected to significantly boost the adoption of hydrogen fuel cell vehicles [19][20] - The report notes that hydrogen energy is transitioning from being a major electricity consumer to a "regulator" of the grid, enhancing the consumption of renewable energy and long-term storage capabilities [25][28] - The Energy Singularity's "Honghuang 70" nuclear fusion device has achieved a 120-second steady-state operation, marking a significant milestone in commercial nuclear fusion technology [31] - Dongsheng Fusion has completed a multi-hundred million yuan angel round of financing to develop a "deuterium-helium-3" fusion route, which is considered safer and more cost-effective than traditional methods [32][33] Brain-Computer Interface - Strong Brain Technology has raised 2 billion yuan to scale brain-computer interface technology, aiming to help one million disabled individuals regain social functionality within five to ten years [38][39] - Sichuan Province has set maximum prices for brain-computer interface medical services, which will take effect in April 2026, facilitating the clinical application of this technology [40][41] - The first brain-computer interface deep brain stimulator surgery in Southwest China has been successfully performed, providing new treatment options for Parkinson's disease [42][43] Embodied Intelligence - NVIDIA has released several physical AI models and frameworks that support robots in understanding physical laws, enhancing the industrialization of robots across various scenarios [5][13] - Chinese companies represent nearly 25% of robot exhibitors at CES 2026, with humanoid robots making up over 50% of the exhibition area, showcasing the competitive edge of Chinese firms in this sector [5][13] Sixth Generation Mobile Communication (6G) - Nanjing has launched a special plan to build a 6G industrial ecosystem, aiming for full coverage of 6G non-cellular networks by 2027 and the establishment of over 50 vertical industry scenarios [5][14]

1. Report's Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The current issuance and net financing of local government bonds have increased compared to the previous period, but it is expected to decline in the next period. The weighted issuance term of local government bonds has significantly lengthened this period. The issuance progress of new special bonds at the beginning of this year is faster than in previous years. The planned issuance of local government bonds in Q1 2026 is comparable to the same period in 2025, with a larger planned issuance scale in January and March [2]. - The spread between local government bonds and treasury bonds has narrowed for 10 - year bonds and widened for 30 - year bonds. The weekly turnover rate has increased compared to the previous period. Currently, 10 - year and 15 - year local government bonds have certain cost - effectiveness [2]. 3. Summary According to the Directory 3.1 This period, the issuance volume of local government bonds has increased, and the weighted issuance term has lengthened - The total issuance/net financing of local government bonds in this period (January 5 - 11, 2026) is 117.664 billion yuan/114.668 billion yuan (the previous period was 26 billion yuan/17.449 billion yuan), and it is expected to be 70.201 billion yuan/63.925 billion yuan in the next period (January 12 - 18, 2026). The weighted issuance term of local government bonds in this period is 21.36 years, significantly longer than 5.26 years in the previous period [2][9]. - As of January 9, 2026, the cumulative issuance of new general bonds/new special bonds accounts for 0.1% and 2.0% of the annual quota respectively. Considering the expected issuance in the next period, it will be 0.1% and 2.5%. The cumulative issuance progress was 0.0%/0.0% and 2.8%/0.8% in 2025, and 0.0%/0.0% and 0.0%/0.0% in 2024 [2][18]. - The planned issuance scale of local government bonds in Q1 2026 is 210.76 billion yuan, comparable to the same period in 2025. As of January 9, 2026, 29 regions have disclosed a total planned issuance scale of 210.76 billion yuan. The issuance in Q1 26 may be similar to Q1 25, with the front - loaded issuance of refinancing bonds boosting the issuance volume. The proportion of refinancing general bonds is relatively higher than in 2025. The planned issuance scale in January and March 2026 is larger. The issuance terms of local government bonds in Guangxi, Ningbo, and Beijing in Q1 show a shortening trend, but the term of bonds issued in the first week of this year is still relatively long [2][24]. - This period, 3.3 billion yuan of special new special bonds were issued, and 25.6 billion yuan and 3.6 billion yuan of special refinancing bonds for replacing hidden debts and repaying existing debts were issued respectively [2][21]. 3.2 This period, the spread between local government bonds and treasury bonds has narrowed for 10 - year bonds and widened for 30 - year bonds, and the weekly turnover rate has increased compared to the previous period - As of January 9, 2026, the spreads between 10 - year and 30 - year local government bonds and treasury bonds are 23.18BP and 17.76BP respectively. Compared with December 31, 2025, they have narrowed by 0.09BP and widened by 2.50BP respectively, and are at the 73.70% and 65.50% historical quantiles since 2023 [2][35]. - The weekly turnover rate of local government bonds this period is 0.65%, an increase compared to 0.24% in the previous period. The yields and liquidity of 7 - 10Y local government bonds in regions such as Yunnan, Shandong, and Qingdao are better than the national average [2][43]. - Currently, 10/15Y local government bonds have certain cost - effectiveness. Taking 10 - year local government bonds as an anchor, since 2018, the upper limit of the spread adjustment may be 20 - 25BP above the lower limit of the issuance spread, and the lower limit may be around the lower limit of the issuance spread. Currently, the upper limit of the spread between local government bonds and treasury bonds may be around 30 - 35BP, and the lower limit may be around 5 - 10BP [2].

Group 1 - The report highlights that Hengyun Chang is a leading domestic supplier of semiconductor equipment core components, focusing on plasma radio frequency power systems, which are crucial for semiconductor manufacturing [5][10][11] - The company has achieved significant breakthroughs in domestic production of plasma radio frequency power systems, breaking the long-standing monopoly of foreign giants MKS and AE in China [14][15] - Hengyun Chang's market share in the domestic plasma radio frequency power system sector is projected to be 6.1% in 2024, making it the top domestic manufacturer [18] Group 2 - The company is expected to benefit from the expansion of domestic wafer fabs, with a projected compound annual growth rate (CAGR) of 15.6% for the plasma radio frequency power system market from 2025 to 2029 [16] - Hengyun Chang's production capacity has been consistently over-utilized, with a utilization rate of 106.35% in the first half of 2025, indicating strong market demand [19] - The company plans to expand its production capacity by adding 20,000 units annually through its new projects, including the "Shenyang Semiconductor Radio Frequency Power System Industrialization Project" [19][20] Group 3 - From 2022 to the first half of 2025, Hengyun Chang's revenue and net profit have shown a compound annual growth rate of 84.91% and 132.48%, respectively, outperforming comparable companies [26] - The company's gross margin has steadily increased, reaching 49.01% in the first half of 2025, which is higher than the average of comparable companies [30] - Hengyun Chang has maintained a high research and development (R&D) expenditure ratio, exceeding 10% in recent years, which is above the average of its peers [32] Group 4 - The report outlines several fundraising projects aimed at enhancing production capabilities and R&D, including the establishment of a smart production base for core components and a research and innovation center [36][37] - The total investment for these projects is estimated at approximately 146.9 million yuan, with a focus on expanding production scale and improving service capabilities [36][37] - The company aims to leverage its technological advancements to create value within the semiconductor supply chain and strengthen its competitive position [38]

Group 1 - Market sentiment is steadily recovering, with the sentiment indicator reaching 1.6 as of January 9, up from 1.35 the previous week, indicating a bullish outlook from a sentiment perspective [8][12] - The average daily trading volume for the entire A-share market increased significantly by 34.00% week-on-week, reaching an average of 28,519.51 billion yuan, with January 9 marking a recent high of 31,523.68 billion yuan [16][19] - The industry score trends show that sectors such as pharmaceuticals, coal, real estate, media, and environmental protection have seen upward trends in short-term scores, with defense and military industries scoring the highest at 100 [41][42] Group 2 - The correlation between industry congestion and weekly price fluctuations is high at 0.37, indicating that sectors with high congestion, such as defense and petrochemicals, have experienced significant gains, while sectors like retail and non-bank financials, despite high congestion, have shown lower price increases [44][47] - The current model indicates a preference for small-cap and value styles, with the 5-day RSI relative to the 20-day RSI continuing to rise, suggesting potential for enhanced signals in the future [52]

Investment Rating - The report maintains a positive outlook on the sectors of physical AI, overseas computing power, robotics, and intelligent connected vehicles [4][10]. Core Insights - The report highlights significant advancements in physical AI, including NVIDIA's comprehensive suite for physical AI, which encompasses models, frameworks, and infrastructure, marking a pivotal moment in AI development [4][10]. - The robotics sector is showcased as a competitive arena, with numerous Chinese companies demonstrating their technological capabilities at CES 2026, alongside international competitors like Boston Dynamics [4][10]. - The intelligent connected vehicle industry is undergoing a comprehensive upgrade, with companies like Geely enhancing their AI capabilities and setting ambitious sales targets for 2026 [4][10]. Summary by Sections 1. NVIDIA: Launch of Physical AI Suite and Rubin - NVIDIA introduced a comprehensive suite for physical AI, termed the "Cosmos" model, which integrates various data sources for training and application [10][11]. - The Rubin platform was unveiled, featuring a new memory storage system to address KV Cache expansion issues and doubling bandwidth capabilities [29][30]. 2. AMD: Need to Enhance Scale-up Capabilities - AMD showcased its MI455X Helios rack, which includes new GPU and CPU technologies aimed at competing with NVIDIA's offerings [61][66]. - The report notes that AMD's scale-up network capabilities are still in development, with future enhancements expected from partnerships with ecosystem players [64][66]. 3. Robotics: Global Competition and Technological Showcases - The report emphasizes the rapid development of the Chinese robotics industry, with numerous companies presenting their latest advancements at CES 2026 [67][68]. - Internationally, Boston Dynamics introduced the latest version of its Atlas robot, which is set for mass production and aims to integrate advanced AI capabilities [82][83]. 4. Intelligent Connected Vehicles: Comprehensive Upgrades - Geely is enhancing its AI-driven vehicle capabilities, aiming for significant sales growth and the introduction of advanced driving features by 2026 [91].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [6] Core Insights - The company, 壹网壹创, has a solid foundation in its agency business, covering various consumer goods categories, and has deep collaborations within the Alibaba ecosystem. With the support of AI technology, it is expected to break through performance ceilings [4] - The company has experienced a decline in revenue and net profit CAGR from 2020 to 2024 due to industry factors, but in Q1-Q3 of 2025, it achieved a 4% year-on-year growth in net profit, indicating significant performance improvement. It is anticipated that 2025 will mark a turning point for performance recovery [4] - The company is actively exploring AI applications in specific business scenarios, with expectations for its AI vertical business to enter a high-growth phase in 2026. The commercialization of tools like "Master Student Map" and "Cloud Meeting" is projected to grow sequentially in Q4 2025 [6] - The company is adapting to the trend of e-commerce search evolution from SEO to GEO, establishing a specialized team to seize growth opportunities in the GEO commercialization wave [6] - The company maintains its position as a leading e-commerce agency service provider, consistently recognized as a "Tmall Six-Star Service Provider," with partnerships across various sectors including beauty, personal care, and health products [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 1,236 million, with a year-on-year growth rate of -4.0%. For 2025, the revenue is expected to be 1,164 million, with a growth rate of -5.8%, followed by a recovery to 1,283 million in 2026 (10.2% growth) and 1,418 million in 2027 (10.5% growth) [5] - The net profit attributable to the parent company is forecasted to be 111 million in 2025, with a significant increase to 146 million in 2026 (30.9% growth) and 181 million in 2027 (24.0% growth) [5] - The earnings per share (EPS) is expected to rise from 0.47 in 2025 to 0.61 in 2026 and 0.76 in 2027 [5] - The company's return on equity (ROE) is projected to improve from 3.8% in 2025 to 4.7% in 2026 and 5.5% in 2027 [5]

Investment Rating - The report maintains a positive outlook on the metal and new materials industry, indicating a favorable spring market [1]. Core Insights - The metal sector has shown strong performance, with the non-ferrous metal index rising by 8.56%, outperforming the CSI 300 index by 5.77 percentage points [4][6]. - Key metals such as gold, aluminum, and lithium have experienced significant price increases, reflecting robust demand and supply dynamics [8][16]. - The report highlights the importance of monitoring supply chain disruptions and inventory levels, particularly in copper and aluminum, which are expected to influence future price trends [29][15]. Summary by Sections Market Performance - The Shanghai Composite Index increased by 3.82%, and the Shenzhen Component Index rose by 4.40% week-on-week [4]. - The non-ferrous metal index's performance indicates a strong recovery in the sector, with various sub-sectors such as precious metals and aluminum showing notable gains [8]. Price Changes - Industrial metals and precious metals have seen price increases, with copper up by 4.24%, aluminum by 4.00%, and lithium compounds experiencing even higher increases, such as lithium carbonate rising by 17.95% [14][16]. - The report notes that the price of gold has also increased by 4.07%, reflecting ongoing demand amid economic uncertainties [14]. Supply and Demand Dynamics - The report indicates that copper production is facing disruptions due to labor negotiations in Chile, which may impact supply and pricing in the short term [29]. - The demand for lithium remains strong, driven by the energy storage sector, with prices for lithium hydroxide and carbonate continuing to rise [16]. Company Valuations - Key companies in the sector, such as Zijin Mining and Shandong Gold, are highlighted for their strong earnings potential and favorable valuations, with projected PE ratios indicating growth opportunities [17]. - The report suggests that companies with integrated operations and cost advantages, such as Tianshan Aluminum and China Hongqiao, are well-positioned for future growth [17].

2026 年 01 月 11 日 《公募费率改革收官, 非银板块向上突破 动能充盈——非银金融行业周报 (2025/12/29-2025/12/31)》 2026/01/05 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势 -- 2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjg@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com 万宏源研究微信服务 续看好全年非银板块价值重 非银金融行业周报（2026/1/5-2026/1/9） 本期投资提示: 时代人行业 相关研究 请务必仔细阅读正文之后的各项信息披露与声明 苏研究招 0 券商：本周申万券商 II 指数收跌 1.90%，跑输沪深 300 指数 0.89pc ...

Investment Rating - The report indicates that the cosmetics and medical beauty sector is currently underperforming compared to the market, with the Shenwan Beauty Care Index rising by 2.6% from December 31, 2025, to January 9, 2026, which is lower than the overall market performance [1][2]. Core Insights - 毛戈平 has initiated an international strategic partnership with L Catterton, a leading global consumer investment firm, focusing on global market expansion, acquisitions, strategic investments, capital structure optimization, and talent introduction [1][6][17]. - The approval of products such as 爱美客's botulinum toxin and 奇璞生物's collagen implant signifies ongoing advancements in the medical beauty supply chain, enhancing competitive diversity for 2026 [1][6][18][19]. - The report highlights the robust foundation of 壹网壹创's e-commerce operations, leveraging AI to enhance performance and expand its market reach, particularly in the consumer goods sector [1][7][8][10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with specific indices underperforming against the Shenwan A Index [2][4]. - The top-performing stocks in the sector include 力合科创 (+14.7%), 毛戈平 (+8.6%), and 水羊股份 (+7.6%), while the underperformers include 嘉亨家化 (-3.9%) and 百亚股份 (-2.8%) [2][5]. Recent Developments - 毛戈平's strategic collaboration with L Catterton aims to enhance its brand's presence in high-end retail channels globally and establish a joint investment fund focused on premium beauty products [1][6][17]. - The approval of 爱美客's botulinum toxin and 奇璞生物's collagen implant reflects a significant push in the medical beauty equipment supply chain, contributing to competitive advantages in the upcoming year [1][6][18][19]. E-commerce Insights - 壹网壹创's e-commerce operations are well-established, with a comprehensive coverage of consumer goods categories and a strong partnership with Alibaba, which is expected to drive revenue growth through AI integration [1][7][8][10]. - The e-commerce sector is witnessing a resurgence in attention, with Alibaba's platform traffic rebounding, indicating a potential recovery in the performance of e-commerce operations [1][8][10]. Market Data - The report notes that the retail sales of cosmetics in China for November 2025 grew by 6.1%, supported by promotional events like Double 11, indicating a robust recovery in consumer spending [13][15]. - The overall retail sales of consumer goods in China reached 45.6 trillion yuan in the first eleven months of 2025, with a year-on-year growth of 4.0% [13][15].