Investment Rating - The report maintains a "Positive" outlook for the retail industry, indicating a potential return exceeding 5% relative to market benchmarks [8][12]. Core Insights - The report highlights that AI applications are rapidly evolving, with 2026 expected to mark a commercial turning point for the industry. Key developments include significant IPOs and strategic acquisitions in the AI sector, which are anticipated to drive growth in retail [8]. - The integration of AI in cross-border e-commerce and e-commerce services is emphasized, with specific companies identified as beneficiaries of this trend. The report suggests that AI tools can enhance operational efficiency across various segments of the retail industry [3][8]. Summary by Sections AI and Cross-Border E-commerce - AI is expected to create new traffic entry points for B2B platforms, transitioning from SEO to GEO. Companies like Xiaogoods City and Focus Technology are leveraging AI tools to improve operational efficiency and customer engagement [3][8]. - Xiaogoods City has over 30,000 merchants utilizing AI applications, with usage exceeding 1 billion times [8]. - Focus Technology reported a membership penetration rate of over 50% for its AI services [8]. AI and E-commerce Services - The report notes that e-commerce platforms are shifting from SEO to GEO, with third-party (TP) companies gaining advantages through AI tools that analyze consumer preferences [8]. - Companies such as Qingmu Technology and Yiwang Yichuang are developing proprietary technologies to support AI applications in e-commerce operations [8]. - Qingmu Technology has created a suite of tools to adapt to evolving AI technologies, while Yiwang Yichuang is building a dedicated team to enhance its competitive edge in the market [8].

基础化工行业 行业研究 | 行业周报 多项产品出口退税政策调整，不改中国产 业竞争优势 ⚫ 炼化行业我们推荐相关龙头企业中国石化(600028，买入)、荣盛石化(002493，买 入)、恒力石化(600346，买入)；同时，我们持续看好化工各子行业景气复苏机遇， 如 MDI 龙头：万华化学(600309，买入) ；PVC 行业，相关企业包括：中泰化学 (002092，未评级)、新疆天业(600075，未评级)、氯碱化工(600618，未评级)、天 原股份(002386，未评级)。以及景气度持续性受储能高速增长拉动的磷化工中相关 标的包括：川恒股份(002895，未评级)、云天化(600096，未评级)等。草酸行业 中，建议关注：华鲁恒升(600426，买入)、华谊集团(600623，买入)、万凯新材 (301216，买入)。 风险提示 ⚫ 需求不及预期；海外市场供需情况变化；油价大幅波动。 国家/地区 中国 行业 基础化工行业 报告发布日期 2026 年 01 月 11 日 看好（维持） | 倪吉 | 执业证书编号：S0860517120003 | | --- | --- | | | niji@orients ...

国内产能、海外进口均有望收缩，板块中 长期预期改善 ——东方证券煤炭行业周报（20260105-20260111） 核心观点 投资建议与投资标的 投资建议：煤炭长期基本面预期改善，关注板块配置价值。（1）尽管市场仍对煤炭行业 3-5 月的季节性淡季价格走势有一定担忧，但考虑到国内产能有望核减、进口煤数量有望 收缩，我们认为煤炭板块底部大周期的底部已基本探明，后续有望开启长周期向上的行 情；（2）同时短期来看，动力煤、焦煤价格均已止跌反弹，煤炭板块情绪有望实现向上 修复，带来短期板块止跌反弹的机会。 风险提示 经济增速下滑；水电出力超预期；海外煤价大幅下跌；政策实施力度不及预期。 煤炭行业 行业研究 | 行业周报 国家/地区 中国 行业 煤炭行业 报告发布日期 2026 年 01 月 11 日 看好（维持） | 蒋山 | 执业证书编号：S0860525110006 | | --- | --- | | | jiangshan2@orientsec.com.cn | | | 0755-82819271 | | 李晓渊 | 执业证书编号：S0860525090002 | | | lixiaoyuan@orientse ...

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6] Core Viewpoints - Liquidity expectations are strengthening, and the expansion trend is expected to continue. The market anticipates that the Federal Reserve will halt interest rate cuts from January to April, leading to a temporary stabilization in the financial attributes. The upcoming Supreme Court ruling on the Trump tariff case may significantly increase price volatility. With supportive policies both domestically and internationally, the bullish trend for industrial products remains unchanged, and the expansion trend is likely to persist [3][12]. Summary by Sections 1. Cycle Assessment: Strengthening Liquidity Expectations, Continued Expansion Trend - The U.S. unemployment rate fell by 0.1 percentage points to 4.4%, with non-farm employment increasing by 50,000, below the market expectation of 73,000. This indicates a new equilibrium in the labor market, with both supply and demand growth slowing [12]. 2. Industry and Individual Stock Performance - The non-ferrous metals sector rose by 8.56% in the week ending January 9, ranking fourth among all industries [19]. The sector's performance outpaced major indices, with small metals showing the highest gains [20]. 3. Macro Data Tracking - The report highlights various macroeconomic indicators, including the U.S. CPI and PPI, as well as China's manufacturing PMI, which stood at 50.1% in December, indicating a recovery in the manufacturing sector [30][34]. 4. Precious Metals: Increased Volatility Expected Ahead of Tariff Ruling - Gold prices increased, with SHFE gold rising by 2.96% to 1,006.48 CNY per gram and COMEX gold up by 3.59% to 4,473.00 USD per ounce. Silver also saw significant gains, with SHFE silver up by 9.70% to 18,731.00 CNY per kilogram [13][14][27]. 5. Copper: Continued Weakness, Increased Volatility from Tariff Disruptions - Copper prices rose, with SHFE copper increasing by 3.23% to 101,410 CNY per ton and LME copper up by 4.24% to 12,998 USD per ton. Supply tightness continues to affect the market, with copper concentrate treatment charges declining [16][26]. 6. Aluminum: Price Improvement, Export Competition May Increase Mismatch - Aluminum prices increased, with SHFE aluminum rising by 6.13% to 24,330 CNY per ton. The report notes a slight increase in domestic aluminum inventory and stable production capacity [15][78].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry in China [5] Core Insights - The report emphasizes that investing in resource stocks is not only about bullish metal prices but also serves as a hedge against rising inflation. The recent surge in metal prices, including gold, silver, copper, and aluminum, is attributed to a significant drop in market expectations for a Federal Reserve rate cut, alongside rising inflation expectations [8][13] - The aluminum sector is expected to benefit from geopolitical events, with China's electrolytic aluminum industry poised to enjoy valuation premiums due to its supply chain security and competitive advantages. The report highlights the increasing domestic supply of bauxite and alumina, which enhances the industry's resource security [14] - The precious metals sector is viewed positively as the long-term debt cycle enters its late stage, with rising physical prices reflecting a loss of trust in fiat currency systems. The report anticipates that precious metal prices will continue to reach historical highs in 2026 [15] - The copper sector faces supply chain vulnerabilities, with recent labor disputes leading to production cuts. The report suggests that the basic fundamentals support the equity side of copper investments, which are expected to rise alongside copper prices [16] Summary by Sections Non-Ferrous Metals - The report indicates that the recent collective rise in metal prices is a response to inflationary pressures and a re-evaluation of physical asset values as the dollar debt cycle matures [8][13] - The aluminum sector is highlighted for its strong supply chain capabilities, with domestic production of bauxite and alumina expected to increase, providing a competitive edge [14] - The precious metals market is projected to see continued price increases, driven by a shift in investor sentiment towards physical assets as a safeguard against debt risks [15] Steel Industry - The steel industry is currently experiencing a weak fundamental outlook as it approaches the year-end off-season, with a slight increase in iron and steel production but a decrease in demand [17][22] - Inventory levels for both social and steel mill stocks have increased, indicating a potential oversupply situation [24] - Steel prices have shown a slight overall increase, with specific products like hot-rolled steel experiencing marginal price rises [36][37] New Energy Metals - The report notes a significant year-on-year increase in lithium carbonate production, with December 2025 figures showing a 69.09% rise [40] - The demand for new energy vehicles remains strong, with production and sales figures for November 2025 reflecting substantial growth [44] - Prices for lithium and cobalt have risen sharply, indicating a robust market for new energy metals [49][50]

公用事业行业 行业研究 | 行业周报 长协电价风险落地，结算电价有望好于预 期 公用事业行业周报（2026.01.05-2026.01.09） 核心观点 投资建议与投资标的 国家/地区 中国 行业 公用事业行业 报告发布日期 2026 年 01 月 11 日 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 | 用电增速维持高位，长协电价或存压力： | 2025-12-28 | | --- | --- | | 公 用 事 业 行 业 周 报 （2025.12.22- | | | 2025.12.26） | | | 电量增速回落，煤价持续下行：公用事业 | 2025-12-21 | | 行业周报（2025.12.15-2025.12.19） | | | 云南容量电价提升，各省政策有望加速： | 2025-12-14 | | 公 用 事 业 行 业 周 报 （2025.12.08- | | | 2025.12.12） | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读 ...

AI 流量新入口带来营销渠道新机遇，把握 GEO 投资机会 核心观点 投资建议与投资标的 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 风险提示 宏观经济影响广告主投放预算，GEO 应用落地不及预期，竞争加剧 传媒行业 行业研究 | 动态跟踪 国家/地区 中国 行业 传媒行业 报告发布日期 2026 年 01 月 11 日 看好（维持） | 项雯倩 | 执业证书编号：S0860517020003 | | --- | --- | | | 香港证监会牌照：BQP120 | | | xiangwenqian@orientsec.com.cn | | | 021-63326320 | | 李雨琪 | 执业证书编号：S0860520050001 | | | 香港证监会牌照：BQP135 | | | liyuqi@orientsec.com.cn | | | 021-63326320 | | 金沐阳 | 执业证书编号：S0860525030001 | 021-63326320 | 沈熠 | 执业证书编号：S0860124120 ...

Group 1: Economic Outlook - A moderate "opening red" is expected for 2026, with a divergence in market opinions regarding initial economic data and risk preferences[5] - The overall fiscal strength for 2026 will depend on the outcomes of local two sessions, impacting early-year economic performance[8] - The broad fiscal index showed slight improvement at the end of 2025, but remains low, indicating limited rebound potential for early 2026 infrastructure growth[15] Group 2: Investment Trends - Investment direction is shifting from traditional infrastructure to new productive forces, with increased focus on digital economy, AI, and green initiatives[19] - In Henan province, the first quarter investment targets for transportation, energy, and water conservancy are significantly lower than previous years, indicating a shift in investment focus[19] - Policy-driven financial tools are expected to support investments beyond traditional infrastructure, with significant funding allocated to emerging sectors[19] Group 3: Risks and Challenges - The risk of "anti-involution" policies may exceed the positive effects of fiscal tools, potentially suppressing investment and impacting overall growth[20] - Changes in assumptions regarding fiscal measurements could lead to deviations in projected outcomes, highlighting the uncertainty in economic forecasts[22]

Inflation Overview - November CPI and core CPI year-on-year were 0.8% and 1.2% respectively, indicating a stable upward trend[5] - December food CPI year-on-year increased from 0.2% to 1.1%, primarily due to adverse weather affecting supply[5] Core CPI Insights - Core CPI remains stable, suggesting a decrease in economic downturn risks; December industrial consumer goods prices (excluding energy) rose by 2.5% year-on-year, marking an expansion for eight consecutive months[5] - Prices for household appliances and automobiles are recovering, with household appliances CPI year-on-year growth increasing to 5.9%[5] PPI Trends - December PPI year-on-year decline narrowed, supported by supply-side policy effects and a gradual recovery in domestic demand[5] - Life goods PPI year-on-year was -1.3%, with prices for cultural and quality goods rebounding due to consumption initiatives[5] Consumer Behavior - Tourism CPI in December maintained a high year-on-year growth of 2.1%, indicating resilience in service consumption[5] - The overall inflation data signals a positive trend in market conditions, reflecting improvements in consumer sentiment and spending[5] Risk Factors - Potential risks include unexpected fluctuations in commodity prices due to geopolitical conflicts[5]

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, indicating an expectation of returns exceeding the market benchmark by over 5% [6]. Core Insights - The AI industry is experiencing significant advancements with the upcoming release of DeepSeek's V4 model, which focuses on enhancing programming capabilities [2]. - Major AI companies in China, such as Zhipu and MiniMax, have recently gone public, with Zhipu's stock rising over 36% and MiniMax's stock increasing over 109% on their debut, leading to a market capitalization exceeding 100 billion HKD [2]. - The report emphasizes that the new model iterations and the accelerated application promotion by major internet companies will create favorable investment opportunities in AI applications and the computing power supply chain [3]. Summary by Sections AI Model Development - The programming capability is highlighted as a key area of improvement for AI models, with significant investments from leading companies like Anthropic and OpenAI to enhance their coding abilities [9]. - DeepSeek's V4 model is reported to surpass existing models in programming tasks, indicating a potential shift in market leadership [9]. - The introduction of innovative architectures, such as mHC by DeepSeek, aims to address stability issues in large model training, supporting future model iterations and application growth [9]. AI Application Market - Major internet companies are intensifying their competition for AI application entry points, with notable product launches aimed at enhancing user engagement and functionality [9]. - The report notes that the recent public listings of major AI model companies will positively impact the overall industry development [9]. Investment Targets - In the AI application sector, recommended investment targets include companies like TaxFriend (603171, Buy) and iFLYTEK (002230, Buy) among others [3]. - In the AI computing power sector, companies such as Haiguang Information (688041, Buy) and Runze Technology (300442, Buy) are highlighted as potential investment opportunities [3].