Investment Rating - The report maintains an "Overweight" rating for the petrochemical and basic chemical industry [1] Core Insights - The "anti-involution" policy is expected to accelerate the elimination of excess supply in high-energy-consuming industries, enhancing the competitiveness of leading companies in the industry [4] - The Ministry of Industry and Information Technology has introduced a growth plan for the petrochemical and chemical industry, aiming for an average annual growth of over 5% in value-added from 2025 to 2026 [3] - The report highlights that the supply-side reforms in the calcium carbide and chlor-alkali industries are likely to improve industry concentration and overall competitiveness [5][6] Summary by Sections Section 1: Policy Impact - The "anti-involution" policy aims to eliminate outdated production capacity in high-energy-consuming sectors, including calcium carbide and chlor-alkali, which is expected to lead to a healthier industry development [3][4] - The government has set strict controls on new capacity in overproduced sectors, which will facilitate the modernization and large-scale development of production facilities [4] Section 2: Calcium Carbide Industry - The total production capacity of calcium carbide in China is projected to be 41.66 million tons by 2025, a decrease of 7.1% from the peak in 2022 [5] - The apparent consumption of calcium carbide is expected to decline by 6.45% year-on-year in 2025, reaching 24.9 million tons due to weak downstream PVC demand [5] - The introduction of the "anti-involution" policy is anticipated to enhance industry concentration and improve overall market conditions [5] Section 3: Chlor-alkali Industry - The total production capacity of caustic soda is expected to reach 51.66 million tons by the end of 2025, with a year-on-year growth of 2.46% [6] - The industry is currently experiencing a downturn, with a projected single-ton gross profit of 744 yuan, indicating a low level of profitability [6] - The "anti-involution" policy is expected to accelerate the exit of outdated production capacity, leading to improvements in supply-side conditions [6] Section 4: PVC Industry - The apparent consumption of PVC is projected to be approximately 18.66 million tons in 2025, a decrease of 7.1% compared to 2020, primarily due to low demand from the construction and real estate sectors [7] - The total production capacity of PVC is expected to be 30.38 million tons, with a low industry concentration of 26% among the top six companies [7] - Stricter environmental regulations and the "anti-involution" policy are expected to drive structural transformation and upgrade within the industry [7] Section 5: Investment Recommendations - The report suggests focusing on the calcium carbide-chlor-alkali-PVC industry chain, highlighting companies such as Luhua Technology, Chlor-alkali Chemical, and Xinjiang Tianye as potential beneficiaries of the improving supply-demand dynamics [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The company is one of the core providers of general multi-modal large models and entered the stage of large-scale commercialization in 2025. It is positioned as a provider of general multi-modal large models and AI-native applications, with deep technical accumulation in voice generation, multi-round dialogue, and multi-modal interaction. It is in the first echelon among domestic general large model manufacturers [3]. - The company's business model is centered around self-developed general large models, and its revenue growth is continuously driven by the increasing volume of model calls. In 2025, its revenue continued the high-growth trend. The company has comprehensive competitive advantages, including continuous iteration of general multi-modal model capabilities, parallel product and commercialization paths for B and C ends, a platform-based and scalable business model, and a management and R & D team with long-term experience in the AI field [4][5]. 3. Summary According to the Table of Contents 3.1 Company Overview 3.1.1 Growth Review - The company was founded in 2021, focusing on general artificial intelligence and the research and development of self-developed large language models and multi-modal models. It has gradually built a relatively complete general multi-modal model system and application matrix. As of before the IPO, it had completed about 7 rounds of financing, with a cumulative financing amount exceeding $1.5 billion. The actual controller of the company is Dr. Yanjunjie, and Alibaba is the largest external institutional shareholder [13][15][18]. 3.1.2 Main Business - **AI-native products (mainly ToC)**: The company has launched a number of AI-native applications for individual users, including MiniMax (intelligent Agent), Hailuo AI (multi-modal content creation), MiniMax Voice (voice synthesis and interaction), and Talkie/Xingye (AI character companionship and interaction), aiming to achieve commercialization through subscriptions, virtual content consumption, and the spillover of capabilities in the medium to long term [21][22][23]. - **Open platform and other AI enterprise services (ToB/developers)**: The company provides services such as model ability opening API (MaaS), enterprise-specific reasoning resource pools, model authorization and deployment, and cross-industry enterprise solution support to enterprises and developers, with various charging methods [28]. - **Business model - MaaS**: The company provides self-developed general large model capabilities to external customers in the form of cloud services. The user scale and core operating indicators are driven by AI-native products (ToC) and the open platform (ToB) [33]. - **Pricing strategy**: The company adopts a multi-dimensional and hierarchical pricing strategy. The ToC end mainly uses a monthly subscription system, supplemented by prepaid points or virtual item recharge; the ToB end uses API packages and token-based pay-as-you-go billing [35]. - **Customer structure**: The company's customers are diverse and international, with enterprise customers as the core revenue source. The customer concentration has been continuously decreasing, and the company uses multiple channels to acquire customers and signs framework agreements to ensure long-term stable customer relationships [41]. 3.1.3 Financial Analysis - **Revenue**: The company's revenue has grown rapidly since the start of commercialization. AI-native products (ToC) contribute the current main revenue scale, and the open platform and enterprise services (ToB) are growing rapidly. Overseas revenue accounts for a high proportion [48]. - **Gross profit and expense ratio**: The company's overall gross profit margin has been significantly repaired, and the expense ratio has been rapidly converging. The company maintains high R & D investment to support long-term competitiveness [55]. 3.2 Industry Overview 3.2.1 Technological Evolution Trends of Large Models - **Scaling Law**: The focus has shifted from simply expanding scale to improving training efficiency and generalization ability under controllable costs and stability [62]. - **Cost reduction**: The unit cost of intelligence has been continuously decreasing through model structure optimization, reasoning acceleration, and computing power scheduling improvement [62]. - **Agent application**: Large models have evolved from single-point generation to Agents with task decomposition, tool invocation, and multi-step execution capabilities [62]. - **Multi-modal**: The multi-modal capabilities of text, voice, image, and video are accelerating integration, moving from multi-model splicing to unified modeling [62]. 3.2.2 Changes in the Market Pattern of Large Model Applications - The application market of large models shows a hierarchical structure, with different levels having different representative products, target users, core capabilities, commercialization models, and competition points [63][64]. 3.2.3 Market Size and Competition Pattern of Large Models - **Market size**: The global large model market is in a stage of rapid growth, with the market size expected to increase from about $10.7 billion in 2024 to about $206.5 billion in 2029, with a CAGR of 80.7% [68]. - **Market structure**: The large model-related revenue is divided into MaaS and application, with the application layer having a higher growth rate and becoming the core engine of market expansion [69]. - **Competition pattern**: The large model industry chain shows a hierarchical competition structure, with the basic model and MaaS layer dominated by a few leading manufacturers, and the application and Agent layer showing a diversified competition situation [69]. 3.3 Core Competitiveness 3.3.1 Long - term Barriers Built by a Full - Modal Unified Base and Engineering Efficiency Advantages - **Full-modal capabilities**: The company uses a full-modal integrated approach, which can output consistent and scalable intelligent capabilities in various scenarios, reducing cross-modal development and integration costs [71]. - **Model algorithm innovation**: The company focuses on performance, cost, and deployability, using architectures such as MoE, linear attention mechanisms, and CISPO reinforcement learning algorithms [71]. - **Cost advantage**: The company has the ability to systematically reduce costs in training and reasoning, providing more competitive pricing strategies and broader customer coverage [71]. 3.3.2 Strategy and Commercialization: Scalable Architecture + Dual - Wheel Drive of ToC/ToB to Amplify Scale Effects - **Scalable architecture**: The company uses a highly modular and horizontally scalable system architecture, which can maintain system stability and delivery quality with the growth of token calls and the expansion of the customer base [72]. - **Commercialization path**: The company adopts a parallel strategy of AI-native products and MaaS, balancing growth elasticity and revenue certainty [72]. - **Open platform and customer stickiness**: The company's open platform has become a key hub in its business model, with customers deeply embedding model capabilities into their products, increasing migration costs and forming a technology lock - in effect [72]. 3.4 Historical Financial Situation - **Consolidated income statement**: The report shows the company's income, cost, gross profit, and other items from 2022 to 2025, reflecting the company's operating performance and profitability changes [74]. - **Consolidated balance sheet**: It presents the company's assets, liabilities, and equity at different times, reflecting the company's financial position [75]. - **Consolidated cash flow statement**: It shows the company's cash inflows and outflows from operating, investing, and financing activities, reflecting the company's cash generation and utilization capabilities [78][79]. - **Profit statement breakdown**: It details the company's revenue and cost composition, including AI-native products and open platform and other AI-based enterprise services [80][81].

Investment Rating - The report maintains a "Buy" rating for the PCB equipment and materials sector, particularly focusing on leading domestic suppliers [5]. Core Insights - The development of AI is driving high-end PCB demand, significantly increasing the need for PCB equipment. As AI computing power requirements expand, the demand for AI servers has surged, leading to a tight supply of high-end PCB products and prompting major domestic PCB manufacturers to increase capital expenditures, which directly boosts PCB equipment demand [1][6]. - The global PCB specialized equipment market is projected to reach USD 10.8 billion by 2029, with a CAGR of 8.7% from 2024 to 2029. Key equipment segments include drilling (21%), exposure (17%), inspection (15%), and plating (7%) [2][3]. Summary by Sections 1. Industry Overview - The rapid growth of markets such as servers, data centers, communication devices, consumer electronics, and automotive electronics has provided sustained growth momentum for the PCB industry, driving continuous progress and innovation in PCB specialized equipment [17]. - The demand for high-value, high-density PCBs has surged, particularly for multilayer boards with more than 18 layers and HDI boards [18]. 2. Equipment Market Analysis - The report emphasizes the importance of high-value equipment in PCB manufacturing, including drilling, exposure, plating, and inspection. The demand for drilling equipment is expected to grow significantly, with both mechanical and laser drilling technologies coexisting [2][3]. - The competition in the exposure equipment sector is concentrated among leading players, while domestic manufacturers are expected to gain an advantage in vertical continuous plating equipment [2][3]. 3. Investment Recommendations - The report recommends focusing on leading domestic PCB equipment and material suppliers, highlighting specific companies such as: 1. DingTai High-Tech: A global leader in PCB drilling needles, expected to benefit from increased AI PCB demand, rated "Buy" [3]. 2. Dazhu CNC: A leading global PCB equipment supplier with a strong market share in drilling equipment, rated "Buy" [3]. 3. Kaige Precision: A leader in solder paste printing equipment, benefiting from high-precision assembly demands from AI servers, rated "Buy" [3]. 4. Dongwei Technology: A domestic leader in plating equipment with a leading market share in vertical continuous plating, rated "Buy" [3]. 5. Tianzhun Technology: A leading industrial vision equipment company with imminent growth in PCB equipment business, rated "Buy" [3]. 4. Market Growth Projections - The global PCB output value is expected to reach USD 94.66 billion by 2029, with a CAGR of 5.2% from 2024 to 2029, driven by the rapid growth of AI servers and data storage infrastructure [38][39]. - The demand for high-value, high-multilayer boards and HDI boards is projected to significantly increase, with the output value of 18-layer and above multilayer boards expected to grow by 41.7% in 2025 [42].

2026 年 1 月 6 日 公司研究 要点 事件：公司发布 2025 年度业绩预告。2025 年，公司预计实现归母净利润 82.9-88.9 亿元，同比增长 77.78%~90.65%；预计实现扣非后归母净利润 82.3-88.3 亿元，同比增长 87.02%~100.66%。 点评： 氯化钾及碳酸锂价格上涨，25Q4 业绩超预期。2025Q4，公司氯化钾产量约为 163 万吨，同比增长 11.9%，环比增长 28.0%；销量为 95 万吨，同比减少 36.7%， 环比减少 12.0%。公司碳酸锂产量约为 1.49 万吨，同比增长 62.9%，环比增长 28.4%；销量为 1.41 万吨，同比增长 6.3%，环比增长 29.4%。我们认为公司碳 酸锂产销量的增长一方面来自于子公司蓝科锂业现有产能的进一步爬坡，另一方 面则来自于公司 4 万吨/年基础锂盐一体化项目于 25 年 9 月建成后所提供的增 量。价格方面，根据百川盈孚数据，2025Q4 国内氯化钾及碳酸锂均价分别为 3250 元/吨和 9.05 万元/吨，同比分别增长 30.6%和 19.2%。受益于氯化钾及碳酸锂 价格的上涨，公司 25Q4 业绩显 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5][17]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 5.85-6.45 billion yuan in 2025, representing a year-on-year growth of 40.8%-55.2% [1]. - The fourth quarter of 2025 is projected to see a net profit of 1.63-2.23 billion yuan, with a median estimate of 1.93 billion yuan, reflecting a quarter-on-quarter increase of 28% and a year-on-year increase of 70% [1][2]. - The growth in performance is attributed to the production ramp-up of the nickel project in Indonesia, recovery in downstream material business, and rising prices of cobalt and lithium [2]. Summary by Relevant Sections Performance - The company’s growth is driven by the successful ramp-up of nickel production from the Indonesian Huafei project and stable high production from the Huayue project [2]. - The average price of MB cobalt in Q4 2025 is expected to be 23 USD per pound, up 45% quarter-on-quarter, while the average domestic price of lithium carbonate is projected at 88,000 yuan per ton, up 21% quarter-on-quarter [2]. Projects - The Pomalaa project, with a capacity of 120,000 tons of metal nickel, has commenced construction, and the lithium sulfate project is expected to further reduce costs [2]. - The company is also advancing preparations for the Sorowako project, which aims for a production capacity of 60,000 tons of nickel [2]. Industry Outlook - The Congo (DRC) cobalt export quota has been implemented, suggesting a potential supply shortage in the global cobalt market from 2025 to 2027, which may keep cobalt prices elevated [3]. - The report forecasts that the average prices for cobalt and lithium in 2025 will contribute significantly to the company's performance in 2026 and 2027 [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 6.19 billion, 9.48 billion, and 11.99 billion yuan respectively, with year-on-year growth rates of 49%, 53%, and 26% [3]. - The current price-to-earnings (P/E) ratios are 21, 14, and 11 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation [3].

- The report tracks the prosperity signals of various industries, including coal, livestock farming, steel, structural materials, and fuel refining, based on recent industry operating indicators[9] - For the coal industry, the model uses price factors and capacity factors to estimate monthly revenue and profit growth rates[10] - The livestock farming model employs the "slaughter coefficient method" to calculate the supply-demand gap for pigs six months in advance, based on the relationship between piglet birth cycles and sow pregnancy arrangements. The formula is as follows: $ \text{Slaughter Coefficient} = \frac{\text{Quarterly Pig Slaughter}}{\text{Breeding Sow Inventory (Lag 6 months)}} $ $ \text{Potential Capacity (6 months later)} = \text{Breeding Sow Inventory (t)} \times \text{Slaughter Coefficient (t+6 months)} $[15][16] - For the steel industry, the model integrates comprehensive steel prices and cost indicators (e.g., iron ore, coke, pulverized coal, scrap steel) to predict monthly profit growth rates and calculate per-ton profitability[18] - The structural materials and construction engineering model tracks profitability changes in the glass and cement manufacturing industries using price and cost indicators. It also incorporates manufacturing PMI and real estate sales data to analyze potential investor expectations for infrastructure support[25] - The fuel refining and oil services model calculates industry profit growth rates and cracking spreads based on changes in fuel prices and crude oil prices. It also designs allocation signals using oil prices, cracking spreads, and new drilling activity[27] - Backtesting results for the coal industry show that profit growth signals do not indicate significant improvement, maintaining a neutral allocation view[14] - The slaughter coefficient method effectively identifies pig price upward cycles, with the Q2 2026 potential pig supply estimated at 167.73 million heads, slightly tight compared to the Q2 2025 demand of 171.43 million heads[16][17] - For the steel industry, December 2025 profit growth is predicted to be negative, with PMI rolling averages remaining unchanged, leading to a neutral allocation view[22] - The glass industry continues to show negative profit growth as of December 2025, while the cement industry also exhibits declining profits with no positive signals in new housing starts, maintaining a neutral view for both[26] - The fuel refining industry is predicted to have flat profit growth in December 2025, with oil prices continuing to decline and new drilling activity showing minimal change, resulting in a neutral allocation view for both refining and oil services[33][34]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [4][6]. Core Views - The company has fully launched the Brunei Refinery Phase II project, aiming for completion by the end of 2028, which is expected to enhance its growth potential [2]. - The design capacity of the Brunei Refinery Phase II project has been optimized to 12 million tons per year, producing high-value products such as diesel, PX, benzene, and polypropylene [2]. - The Southeast Asian refined oil market is experiencing a growing supply-demand gap, which the Brunei Refinery project is poised to benefit from [3]. Summary by Sections Project Development - The company has signed the Phase II Implementation Agreement and received necessary tax incentives and financing commitments from local banks and shareholders [2]. - Upon completion, the total capacity of the Brunei refinery will reach 20 million tons per year, enhancing the company's market share and integrated supply chain advantages [2]. Market Outlook - The ASEAN region's GDP is projected to grow at 4.5% in 2025, with Indonesia, the Philippines, and Vietnam expected to see even higher growth rates, driving demand for refined products [3]. - The Southeast Asian market has seen over 30 million tons of refining capacity exit from 2020 to 2023, leading to an anticipated supply-demand gap of 68 million tons by 2026 [3]. Financial Forecasts - The company has adjusted its profit forecasts for 2025-2027, with expected net profits of 449 million, 683 million, and 836 million yuan respectively, reflecting a downward adjustment of 23%, 11%, and 13% [4]. - The report projects earnings per share (EPS) of 0.12, 0.19, and 0.23 yuan for the years 2025, 2026, and 2027 [4]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 83 in 2025 to 45 by 2027, indicating an improving valuation as earnings grow [4][14]. - The report highlights the company's strategy to accelerate the development of high-value differentiated products, which is expected to enhance its profitability [4].

1. Report Industry Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - Prudent control of the scale of bond net - buying is the most appropriate approach at the initial stage of restarting bond purchases to avoid the superposition and resonance of the two channels affecting bond yields [1][3] - The ideal state is that investors treat information on treasury bond trading operations like daily open - market reverse repurchase operations, and the central bank can flexibly use open - market treasury bond trading tools to inject base money and adjust bank - system liquidity without overly affecting bond yields [4] 3. Summary by Relevant Catalogs Why did the central bank only purchase 50 billion yuan of treasury bonds? - On January 5, 2026, the People's Bank of China announced the liquidity injection situation of the central bank's various tools in December 2025, showing a net liquidity injection of 50 billion yuan through open - market treasury bond trading tools. Compared with the monthly net purchases of 100 - 300 billion yuan from August to December 2024, the monthly net purchases of 20 - 50 billion yuan since the restart of treasury bond trading in October 2025 are relatively small. Prudent control of the purchase scale is appropriate in the initial months after restarting bond purchases [1] Impact of open - market treasury bond trading on bond yields - Open - market treasury bond trading affects bond yields through two channels. The asset - liability - sheet channel is that the central bank's trading of treasury bonds changes market supply - and - demand relations, and the expected channel is that investors trade on the information of the central bank's treasury bond trading, increasing the volatility of bond yields. The decline in yields largely comes from the expected channel [2] Measures to suppress the impact of the expected channel - The way to suppress the second channel is to dilute investors' attention to the central bank's bond purchases and weaken the relationship between the central bank's bond purchases and yields. At the beginning of restarting bond purchases, it is necessary to control the scale of bond net purchases to avoid the superposition of the two channels. When the market no longer overly focuses on the central bank's bond - purchase scale, the central bank can gradually increase the scale [3]

Report Industry Investment Rating No information provided in the document. Core Viewpoints - The new regulations on commercial real - estate investment trusts (REITs) and a package of supporting documents have been implemented, marking a new chapter in the REITs market. The pilot of commercial real - estate REITs has been launched, and the market's institutional system has been further improved [3]. - Commercial real - estate REITs are expected to be accelerated. Investors are advised to actively follow the first - batch products. The double - track review system is expected to improve review efficiency and accelerate market expansion [3]. - Multiple mechanisms have been supplemented and improved, which will be applied to the entire REITs market and are expected to be implemented quickly in the commercial real - estate REITs pilot [3]. - Attention should be paid to the expansion of new sources of market funds. The CSRC's Document No. 63 proposes measures to attract more funds, and investors can expect market recovery and focus on undervalued heavy - weight stocks [3]. - In late 2025, the REITs market fluctuated. Investors are advised to focus on products with strong underlying asset demand and pay attention to expansion and fundraising [3]. Summary by Relevant Catalogs REITs Package Policy Documents Issued - On December 31, 2025, the CSRC, Shanghai and Shenzhen Stock Exchanges, and the Asset Management Association of China issued a package of policy documents to launch the commercial real - estate REITs pilot and improve the REITs market system [4]. - The CSRC issued two documents to promote the development of commercial real - estate REITs, improve basic systems, and strengthen supervision [4]. - The Shanghai and Shenzhen Stock Exchanges revised relevant business rules and guides, extended the scope of application of the "Real Estate Fund Business Measures" to commercial real - estate REITs, and exempted certain fees [4]. - The Asset Management Association of China revised two self - regulatory rules to provide guidance on due diligence and operation [4]. Commercial REITs Pilot Initiation - The official version of the "Announcement on Launching the Pilot of Commercial Real - Estate Investment Trust Funds" only supplements the product definition. The scope of commercial real - estate REITs is broad, including commercial complexes, retail, offices, and hotels [6]. - The CSRC's Document No. 63 and the "Notice on the Pilot of Commercial Real - Estate REITs in Shanghai and Shenzhen Stock Exchanges" promote the stable and healthy development of commercial real - estate REITs, accelerate the launch of high - quality products, and encourage asset mixing and expansion [8][9]. - The pilot aims to revitalize existing assets, increase direct financing, and support the new real - estate development model. The scope of original equity holders is expanded, and the use of recycled funds is restricted [11]. - The review process for commercial real - estate REITs is clear. The submission of application materials starts from December 31, 2025, and the review focuses on key aspects such as project information, operation, and finance [12][16]. Optimization of REITs Issuance and Information Disclosure Mechanisms - The CSRC's Document No. 63 and the "Notice on the Pilot of Commercial Real - Estate REITs in Shanghai and Shenzhen Stock Exchanges" optimize the REITs issuance and trading mechanisms, including improving the inquiry pricing,配售, and market - making mechanisms [21]. - The information disclosure system for REITs is strengthened, with clear requirements for different real - estate formats in annual, semi - annual, and quarterly reports [21]. - The revised rules for inquiry pricing and information disclosure are beneficial for market development, although they may increase the difficulty of pricing and trading strategies [22]. Further Improvement of REITs Rule System - The CSRC's Document No. 63 proposes three measures to expand the sources of funds: enriching the REITs index system, guiding long - term funds into the market, and including REITs in the Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect [23]. - Historical data shows that the entry of incremental funds can boost the REITs market. The introduction of index funds and long - term funds is expected to improve market liquidity and stability [27]. - The expansion and merger mechanisms, market - based pricing mechanism, and other aspects are improved. Expansion is expected to be an important way for market expansion, and the pricing mechanism is moving towards marketization [31][32]. - The review process is optimized, and supervision and risk prevention are strengthened. The quality control system and supervision mechanism are improved to ensure the healthy development of the REITs market [34].

2026 年 1 月 5 日 总量研究 被动资金显著加仓周期主题 ETF，国防军工主题基金表现占优 ——基金市场与 ESG 产品周报 20260105 要点 市场表现综述：大类资产方面，本周（下文如无特殊说明，本周均指代 2025.12.29-2025.12.31）黄金价格下跌，国内权益市场指数震荡分化。行业 方面，本周石油石化、国防军工、传媒行业涨幅居前，公用事业、食品饮 料、电力设备行业跌幅居前。基金市场方面，本周股混基金净值回撤，流动 性资产维持正收益。 基金产品表现跟踪：长期行业主题基金指数表现来看，本周国防军工主题基 金净值上涨，其余主题基金净值均呈现回调，周期主题基金净值相对抗跌。 截至 2025 年 12 月 31 日，国防军工主题基金本周净值上涨 0.93%；周期、 TMT、金融地产、行业轮动、行业均衡、消费、新能源、医药基金本周净值 分别下跌 0.16%、0.29%、0.60%、0.61%、0.69%、1.14%、2.27%、 2.59%。 ETF 市场跟踪：本周股票型 ETF 资金流向转为净流出，资金减仓大盘宽基 ETF，明显加仓周期主题 ETF。 股票型 ETF 本周收益中位数为-0.4 ...