1. Report's Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The improvement of A-share market efficiency provides a solid foundation for the development of passive investment, with the scale of passive equity funds in the domestic public fund market exceeding 50% in 2025 [5]. - The effectiveness of the A-share market is lower than that of Hong Kong and US stocks, and the effectiveness of small-cap and technology stock indices is weaker than that of large-cap stock indices. The effectiveness of the A-share market shows an overall upward trend [5]. - There is a significant negative correlation between the excess return of active funds and index effectiveness. As the difficulty of obtaining Alpha increases, the demand for diversified Beta and Smart Beta on the equity side increases, highlighting the importance of asset allocation [5]. - There is a balance point between the scale ratios of active and passive funds. In the choice of funds, it is recommended to allocate ETFs in the large-cap style market, select active equity funds in the mid-cap style market, and choose quantitative funds for small-cap style allocation [5]. 3. Summary by Relevant Catalogs 3.1 A-share Equity Fund Market: Passive Investment Proportion Exceeds 50% - In 2025, the scale of domestic passive equity funds exceeded that of active equity funds for the first time, and this trend continues. The reasons include the difficulty of obtaining sustainable excess returns from active funds, the improvement of A-share market efficiency, and the development of domestic investment advisory services [9]. 3.2 Rise in Passive Investment Proportion Due to Market Efficiency Improvement - As market efficiency improves, it becomes more difficult to obtain Alpha, leading to the rise of Beta investment. Passive investment includes pure passive investment and factor-based passive investment (Smart Beta) [14]. - There is a balance point between active and passive funds, and the scale ratio of passive investment will not increase indefinitely. Ideal asset allocation should be an organic combination based on the market cycle, asset categories, and strategy capacity [15]. 3.3 Market Efficiency and Testing Methods 3.3.1 Origin and Connotation of the Efficient Market Theory - The study of market efficiency can be traced back to 1889, and Eugene Fama formally defined and improved the efficient market theory, dividing market efficiency into three levels: weak, semi-strong, and strong [18][19][20]. 3.3.2 Testing Methods for the Efficient Market Theory - **Weak Form Tests**: By testing whether the price sequence residual is white noise, it can be determined whether the stock price is likely to follow a random walk, which is used to judge market efficiency. The Ljung - Box test is commonly used for white noise testing [21][25][27]. - **Semi - Strong Form Tests**: Economists generally use the event study method to test the reaction speed of stock prices to public information [29]. - **Strong Form Tests**: This tests whether investors can obtain excess returns using insider information. It studies the returns of professional investors or insiders [30][31]. 3.4 Exploration of Market Efficiency in A-share, Hong Kong, and US Stocks - Since 2013, the efficiency of A-share has been slightly lower than that of Hong Kong and US stocks, and the efficiency of small-cap and technology stock indices is weaker than that of large-cap stock indices. After 2018, the efficiency of the A-share market has increased rapidly [34][38][40]. - There is a significant negative correlation between the excess return of active funds and index efficiency. As market efficiency improves, the difficulty of obtaining Alpha in A-shares increases [43]. 3.5 Fund Investment Choices under the Background of Improved Market Efficiency 3.5.1 ETF: Emphasizing Multi-Asset ETFs and Equity Smart Beta - As the demand for diversified Beta increases, the importance of asset allocation becomes prominent. ETFs are becoming increasingly important in the strategic position of asset allocation, and the proportion of ETFs in the holdings of public FOFs continues to rise, with diversified demand [47][50]. - Strategy ETFs (Smart Beta factor ETFs) show relatively independent trends, providing a source of differentiated Beta in the equity market and playing an important role in asset allocation [52]. - Industry ETFs are mostly market - capitalization weighted, with large-cap stocks contributing more to returns. Since it is difficult to obtain excess returns from large-cap stocks, investment is recommended to be based on long - term allocation [55][56]. 3.5.2 Active Equity and Quantitative Investment: Obtaining Alpha Returns from Small and Mid - Cap Stocks - Active equity funds are more exposed to mid - cap stocks. The trading environment of mid - cap stocks is more friendly to actively managed funds, with lower pricing efficiency and lower difficulty in obtaining excess returns compared to large - cap stocks, and relatively sufficient liquidity [61][62]. - Quantitative funds may be a better choice for investing in small - cap stocks. Quantitative strategies can improve the objectivity and winning rate of decision - making, and have advantages in terms of stock coverage and trading execution [69][70][71].

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry in China [5]. Core Insights - NVIDIA has launched a context memory storage platform for inference, indicating a continuous expansion in AI storage demand. This platform aims to create a new memory layer optimized for inference between GPU memory and traditional storage, supporting long-term AI operations [3][6]. - The bottleneck in AI inference is shifting from computation to context storage, leading to a significant growth in demand for storage chips. As AI models become more complex, the need for high-frequency data access will drive changes in storage architecture [6][7]. - The ongoing shortage of storage capacity presents historic opportunities for domestic storage manufacturers, especially as international competitors may have limited expansion capabilities. Domestic companies like Changxin Technology and Yangtze Memory Technologies are positioned to benefit from this trend [6][7]. Summary by Sections Investment Recommendations and Targets - The report highlights several investment targets in the semiconductor and storage sectors, including: - Semiconductor equipment companies: Zhongwei Company, Jingzhida, Jingyi Equipment, Weidao Nano, Tuojing Technology, and Northern Huachuang [3][7]. - Domestic packaging and testing companies: Deep Technology, Huicheng Co., and Tongfu Microelectronics [3][7]. - Logic chip manufacturers: Jinghe Integration [3][7]. - Companies focusing on edge AI storage solutions: Zhaoyi Innovation and Beijing Junzheng [3][7]. - Companies benefiting from storage technology iterations: Lianqi Technology and others [3][7]. - Domestic storage solution providers: Jiangbolong, Demingli, Baiwei Storage, and Lenovo Group [3][7].

Group 1: Market Trends and Economic Outlook - The "American exceptionalism" narrative has reversed, impacting major asset performance throughout the past year[7] - The trend of "exceptionalism" is driven by weakening internal narratives and external challenges, with significant doubts about the U.S.'s ability to maintain global order[10] - Economic and market momentum is overly reliant on AI narratives, which are now facing increasing skepticism, leading to a decline in confidence[11] Group 2: Impact of Venezuela Events - The Venezuela situation may provide short-term support for the "exceptionalism premium," potentially enhancing market perceptions of U.S. power projection[14] - Optimistic scenarios suggest that U.S. control over Venezuela could temporarily boost risk appetite for U.S. assets, but long-term benefits are limited[14] - Risks include the possibility of the U.S. becoming entrenched in a prolonged conflict in Venezuela, which could shift the impact from short-term gains to long-term burdens[14] Group 3: Employment Data and Future Projections - Key observation points include upcoming U.S. employment data, particularly the December non-farm payrolls, which could influence market sentiment[15] - If employment data exceeds expectations, it may create a temporary "exceptionalism recovery" window, favoring U.S. assets[15] - However, if employment continues to weaken, the U.S. dollar is likely to revert to a downward trend, with a mid-term outlook of continued dollar weakness and benefits for non-U.S. markets[21]

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - Rising raw material prices have led some brands to initiate price increases, with leading companies demonstrating stronger pricing power and higher profit certainty. The upcoming CES event is expected to catalyze interest in smart consumer hardware [2] - The report highlights two main investment themes: 1. Leading companies exhibit higher operational efficiency and stability during cost-up cycles, making them preferred choices for conservative allocations. Recommended stocks include Midea Group (000333, not rated), Haier Smart Home (600690, not rated), and Hisense Visual (600060, increase holding) [2] 2. International expansion remains a long-term focus, with a potential valuation shift expected in 2026. Recommended stock is Stone Technology (688169, buy) [2] Summary by Sections - **Price Increases**: Midea announced price hikes of 2% and 4% for certain models starting January 3 and January 5, 2026, respectively, due to significant increases in copper prices, which have risen by 11% over the past month and 42% over the past year. Copper is a key raw material, accounting for approximately 20% of air conditioner costs [6] - **Profitability Mechanism**: The report estimates that a 30% increase in copper prices would necessitate a 5% price increase to fully offset cost increases, while Midea's price hikes exceed 6%, indicating effective cost management strategies [6] - **CES Focus Areas**: The report identifies three main areas of interest for CES: 1. AI glasses with over 50 brands showcasing new products 2. Robotics, including new laser radar lawnmowers and advanced cleaning robots 3. Other smart consumer hardware innovations such as AI companion robots and 3D printing [6]

Group 1: Geopolitical Impact - The U.S. launched a large-scale military operation against Venezuela on January 3, 2026, capturing President Maduro, signaling a strategic shift towards consolidating influence in Latin America[7] - The immediate economic impact on China-Venezuela trade is limited, with exports to Venezuela accounting for only 0.14% and imports for 0.06% of China's total trade in 2024[7] - However, the event raises concerns about increased uncertainty for China's trade and investment in the region due to U.S. strategic adjustments[7] Group 2: Trade and Investment Implications - China's exports to Latin America represent 7.7% of total exports, while imports from the region account for 9.3%, indicating significant reliance on Latin American markets[7] - Agricultural and mineral imports from Latin America constitute 42% and 16.1% of China's total imports in these categories, respectively, highlighting potential supply risks[7] - Direct investment from China to Venezuela is minimal, under 0.1%, but overall investment in Latin America ranges from 7.5% to 10%, suggesting a broader regional concern[7] Group 3: Strategic Shifts - The military action may further diminish Chinese enterprises' confidence in investing in Latin America, as evidenced by a slowdown in capital goods exports to the region in 2024[7] - The event could reinforce a strategic pivot for Chinese companies towards "Belt and Road" countries, providing new opportunities amid U.S. regional adjustments[7] - Despite U.S. trade regulations, China's export resilience was evident in 2025, with significant contributions from the EU, ASEAN, and Africa, while Latin America's share in export growth declined[7]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report emphasizes the importance of advancements and innovations in edge AI, predicting accelerated integration into various hardware products and industrial applications by 2026 [9][10] - Key players in the edge AI sector include chip manufacturers, terminal product manufacturers, and core component manufacturers, with specific companies highlighted for investment opportunities [3][10] Summary by Sections Investment Recommendations and Targets - Focus on the upgrade and innovation breakthroughs in edge AI, with recommended stocks including: - Edge AI main control chip manufacturers: Amlogic, Aojie Technology, Hengxuan Technology, Espressif Technology, Starshine Technology, Rockchip [3][10] - Terminal product manufacturers: Lenovo Group, Xiaomi Group, Luxshare Precision, Linying Intelligent Manufacturing, BYD Electronics, Lens Technology, Ezviz, Innosilicon [3][10] - Core component manufacturers: Huanxu Electronics, Sunny Optical Technology, Orbbec, SUTENG, STMicroelectronics, OmniVision, and Pegatron [3][10]

External Factors - The primary driver for the RMB appreciation in 2025 is the weakening of the USD, which has declined by nearly 10% this year due to three rate cuts by the Federal Reserve[1] - The USD index fell to around 97 in December after failing to break the 100 resistance level, confirming a downward trend[19] - The expected mild depreciation of the USD is projected to be around 3% in 2026, with a "low first, high later" pattern anticipated[24] Internal Factors - The internal economic and policy environment in China is stabilizing, contributing to the RMB's appreciation[1] - China's exports have shown robust growth, exceeding expectations, particularly after tariff adjustments, leading to a steady appreciation channel for the USD/CNY exchange rate[14] - The internal economic surprise indices for both China and the US are trending downward, indicating limited support for the RMB from internal factors in the short term[27] Supply and Demand Factors - The supply and demand dynamics have not fully played out this year, with a decrease in market settlement willingness under a strong dollar environment[16] - Seasonal increases in foreign income in December may lead to higher settlement rates, potentially supporting RMB appreciation[21] - The rising implied volatility of the RMB and the risk reversal options favoring RMB appreciation indicate a market expectation of a wider trading range for the currency[27] Market Implications - The RMB's appreciation is expected to benefit foreign capital inflows into A-shares and Hong Kong stocks, favoring quality and growth styles[32] - The report emphasizes that the stock market's performance and fundamental improvements are more likely to drive RMB appreciation rather than the exchange rate itself influencing the stock market[32]

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Insights - The 2026 vehicle trade-in subsidy policy is expected to boost marginal improvements in passenger car demand in Q1 2026, with subsidies remaining at the same cap as in 2025 but shifting from fixed amounts to percentage-based subsidies [8][11] - The report highlights the anticipated release of Tesla's Optimus V3 in Q1 2026, which is expected to increase interest in the robotics sector, with numerous domestic companies preparing for IPOs [12] - The report emphasizes the positive outlook for companies involved in overseas expansion, reflecting strong demand for overseas orders and indicating that international business will become a significant growth point for automotive parts companies [13] Summary by Sections Investment Suggestions and Targets - Companies in the automotive supply chain that are expected to benefit include Tesla, Figure, Zhiyuan, and Yushu, with a focus on humanoid robotics, liquid cooling, and autonomous driving technology [3][14] - Specific liquid cooling related stocks include Yingweike, Yinlun, Top Group, Sanhua Intelligent Control, Feilong, and Chuanhuan Technology [3][14] - Other related stocks include SAIC Motor, JAC Motors, BYD, and several others, with a total of over 30 companies in the robotics supply chain preparing for IPOs [3][14][15] Market Trends - The report notes a decline in weekly passenger car sales, with a 13% year-on-year drop in wholesale sales during the week of December 22-28, 2025 [16] - The automotive parts sector outperformed the broader market, with a 3.63% increase, while the overall automotive industry saw mixed results [35][36] Company Announcements - Geely Auto reported a December 2025 sales figure of 236,800 units, a 13% increase year-on-year, and set a 2026 sales target of 3.45 million units [47] - NIO delivered 48,100 vehicles in December 2025, marking a 54.6% year-on-year increase, with a total annual delivery of 326,000 units [49] - XPeng delivered 37,500 vehicles in December 2025, achieving a total of 429,400 units for the year, a 126% increase [48]

Group 1 - The core view is that the index may experience a pullback, but this will not change the upward trend, and the pullback provides an opportunity to focus on mid-cap blue chips in the chemical sector [2][10] Group 2 - Market analysis indicates that the index may have a pullback, which offers a chance for positioning; the recent performance of the Shanghai Composite Index aligns with previous expectations, and the pullback does not alter the overall upward trend [3][11] - Factors influencing investor sentiment include the rebound in the Hong Kong market and geopolitical events in South America, although the latter may lead to a short-term market correction [3][11] Group 3 - The investment opportunities are expected to arise in mid-cap blue chips with moderate risk characteristics, particularly in the cyclical sector, focusing on the chemical industry where supply optimization and improving profit margins are anticipated [3][12] Group 4 - The report highlights thematic investments in areas such as aerospace satellites, domestic AI, semiconductors, and nuclear fusion, with each sector showing potential for growth and investment opportunities [4][13] - The aerospace satellite sector remains a focal point, with ongoing IPO progress and various applications expected to accelerate [4][13] - Domestic AI is gaining attention as domestic computing power development accelerates amid challenges in overseas narratives [4][13] - The semiconductor industry is expected to see expansion and domestic substitution, with significant capital movements in key companies [4][13] - The nuclear fusion sector is anticipated to experience a series of industrial catalysts, moving from theoretical research to practical engineering, which is expected to generate substantial investment demand [4][13] Group 5 - The solid-state battery sector is noted for its prolonged adjustment period, with potential catalysts expected in the first quarter, making it a point of interest for investors [5][14]

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