Investment Rating - The report maintains a "Buy" rating for the fusion energy industry, indicating an expected investment return exceeding the market benchmark index by more than 15% over the next 6-12 months [9]. Core Insights - The upcoming 2026 Fusion Energy Technology and Industry Conference in Hefei is expected to promote collaboration and innovation within the fusion industry, showcasing China's capabilities in magnetic confinement fusion [1]. - Significant experimental breakthroughs have been achieved in domestic fusion devices, including the EAST confirming the existence of a density-free zone and the successful long-pulse operation of the world's first high-temperature superconducting tokamak, Honghuang 70 [2]. - Multiple financing and construction advancements in fusion projects have been reported, including TMTG's plans to build the world's largest fusion power plant in the U.S. and significant funding rounds for domestic fusion startups [3]. - The fusion industry is anticipated to benefit from dual catalysts of policy support and positive industrial progress, with various projects in China and abroad showing promising developments [4]. Summary by Sections Research Developments - The EAST experiment confirmed methods for high-density operation in magnetic confinement fusion, published in the journal "Science Advances" [2]. - The Honghuang 70 achieved a 120-second steady-state long-pulse plasma operation, marking a significant milestone for commercial fusion devices [2]. Industrial Progress - TMTG announced plans to construct a major fusion power plant in the U.S. by 2026, following its merger with TAE Technologies [3]. - Domestic fusion projects, such as Dongsheng Fusion and the NTST device, have secured significant funding and are set to commence construction in the coming years [3]. Investment Recommendations - The report suggests focusing on companies with leading positions in the fusion supply chain, particularly those involved in vacuum chambers, magnet systems, power systems, and low-temperature systems [4].

2026 年 1 月 14 日 总量研究 通胀担忧缓和，但短期降息必要性不强 ——2025 年 12 月美国 CPI 数据点评 美国通胀温和上涨，为后续降息打开空间— — 2025 年 8 月美国 CPI 数 据 点 评 （2025-09-12） 关税传导可控，降息预期升温——2025 年 7 月美国 CPI 数据点评（2025-08-13） 关税影响逐步显性化——2025 年 6 月美国 CPI 数据点评（2025-07-16） 美国通胀压力何时显现？——2025年5月美 国 CPI 数据点评（2025-06-12） 作者 分析师：赵格格 执业证书编号：S0930521010001 0755-23946159 zhaogege@ebscn.com 分析师：刘星辰 执业证书编号：S0930522030001 021-52523880 liuxc@ebscn.com 相关研报 如何看待"失真"的美国通胀数据？——2025 年 11 月美国 CPI 数据点评（2025-12-19） 美国通胀不及预期，为降息铺平道路—— 2025 年 9 月美国 CPI 数 据 点 评 （2025-10-25） 美国通胀继续回落， ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1] Core Insights - The chemical and new materials industry is set to drive the comprehensive "AI + manufacturing" transformation, as outlined in the State Council's policy document released in August 2025, which aims for deep integration of AI across six key sectors by 2027 [3][4] - The focus for the petrochemical industry is on "quality improvement and efficiency enhancement" through AI, utilizing large models and digital twin technologies to optimize various processes [5] - The report identifies three main pathways for chemical companies to implement AI: self-developed large models, third-party model integration, and investment in AI startups [13][14] Summary by Sections Policy Guidance - The State Council's document emphasizes the necessity for AI integration in the chemical industry, marking it as a compulsory aspect for achieving high-quality development [3] - The Ministry of Industry and Information Technology's implementation opinions further detail goals for AI technology and its application in manufacturing by 2027 [4] AI Empowerment in Petrochemical Industry - AI's role in the petrochemical sector focuses on enhancing operational efficiency and safety through predictive maintenance and process optimization [5] - The establishment of high-quality data sets and infrastructure is crucial for supporting AI applications in the industry [5] AI Empowerment in New Materials Industry - The new materials sector aims to leverage AI for deep integration in research and development, enhancing capabilities in material design and synthesis [5] Implementation Pathways - **Self-Developed Large Models**: Companies like China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC) are developing proprietary AI models to enhance their operational capabilities [9][10] - **Third-Party Model Integration**: WanHua Chemical collaborates with Huawei Cloud to implement AI solutions for predictive maintenance and operational efficiency [11] - **Investment in AI Startups**: Companies like Qicai Chemical are investing in AI startups to accelerate innovation in materials science [12][13] Investment Recommendations - The report suggests focusing on leading companies that excel in data utilization and AI integration, such as CNPC, Sinopec, and WanHua Chemical [14] - Attention is also drawn to companies involved in new materials and fine chemicals, which are expected to benefit significantly from AI-driven R&D advancements [14]

2026 年 1 月 14 日 晨会速递 分析师点评 市场数据 行业研究 【银行】9 个热点问题看理财新叙事——银行理财 2025 年回顾与 2026 年展望(买入) 2025 年，受存款"脱媒"资金外溢、估值整改"浮盈"释放、拓展含权增厚收益等 多重因素提振，全市场理财规模预估增长 3.5 万亿左右至 33-34 万亿。展望 2026 年， 理财业务的运行逻辑可能有哪些新的变化？我们围绕 9 个热点问题从五个维度分析。 【房地产】2025 年核心 30 城新房成交面积同比-19%，成交均价同比+0.7%——光大 核心城市房地产销售跟踪（2025 年 12 月）(增持) 2025 年，核心 30 城新房成交面积同比-19%，成交均价同比+0.7%，其中北上广深 杭蓉成交均价 42,196 元/㎡，同比+2.6%，余下二线 24 城成交均价为 16,709 元/㎡， 同比-2.5%，城市分化进一步加深。随着供给侧逐步出清，部分信用优势明显的龙头 央国企地产将持续受益于竞争结构优化，实现经营业绩的企稳回升，推荐招商蛇口、 中国金茂、绿城服务等。 | | A 股市场 | | | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the banking sector [5] Core Insights - In 2025, the total market wealth management scale is expected to grow by approximately 3.5 trillion to reach 33-34 trillion, driven by factors such as deposit disintermediation, the release of valuation adjustments, and the expansion of products with embedded rights [1][14][15] - For 2026, the growth of wealth management is projected to continue, albeit with potential fluctuations in the growth pace due to various market dynamics [21] Summary by Sections Wealth Management Scale - Deposit disintermediation remains a crucial support for wealth management scale growth, with a neutral estimate of an increase of around 3 trillion for 2026, leading to an expected year-end scale of 36-37 trillion [1][21] - The maturity of deposits over 2 years for listed banks is estimated at approximately 41 trillion, with a year-on-year increase of about 9 trillion, which may intensify the competition between deposits and wealth management products [24][21] Product Layout - The report highlights a focus on maintaining a stable base with low volatility while actively expanding products with embedded rights, predicting that wealth management could bring in 150-300 billion in equity market allocations in 2026 [2][61] - The "fixed income plus" wealth management products are expected to grow by 1.5 trillion in 2025, with a year-end scale increase of nearly 16% [2][52] Asset Allocation - There is a rigid allocation towards deposit-type assets, with a shift towards multi-asset strategies to enhance returns, while the potential for a shift in allocation from deposits to bond-type assets is being monitored [3][60] - The report anticipates a strong demand for short-term bond allocations, while the capacity for mid to long-term allocations may decrease, leading to a steepening yield curve [3][60] Wealth Management Operations - The performance benchmarks for wealth management are expected to face downward pressure, with potential liquidity concerns being minimal due to ample liquidity reserves and regulatory support [4][32] - The competitive landscape is evolving, with wealth management companies increasing their market share, driven by channel factors and the need for enhanced customer reach [4][5] Competitive Landscape - The report notes that the market share of wealth management companies is likely to continue rising, with distribution channels expanding into rural areas and non-licensed institutions gradually exiting the market [4][5]

晨会速递 分析师点评 市场数据 总量研究 2026 年 1 月 13 日 行业研究 【互联网传媒】漫剧接棒真人短剧，海量 IP 价值待释放——短剧、漫剧市场专题报 告(买入) 2026 年，随着可灵等 AI 视频模型的成熟应用，漫剧凭借低成本、高产能和强视觉冲 击力，正接棒真人短剧成为平台内容增量的主力军。市场规模方面，漫剧行业在 2025 年已呈现强势增长态势，预计 2026 年市场规模将维持高速增长，使得海量 IP 价值得 以释放建议关注行业产能释放，推荐阅文集团，关注中文在线、掌阅科技。维持互联 网传媒行业"买入"评级。 【房地产】【光大地产】核心城市楼市成交高频跟踪 20260112(增持) 截至 2026 年 1 月 11 日(由于基数变动，年初同比数据波动性较大为正常情况)， 20 城新房：累计成交 1.3 万套(-50.4%)；北京 822 套(-30%)、上海 1958 套(-41%)、深 圳 431 套(-78%)； 10 城二手房：累计成交 2.4 万套(-26.2%)；北京 3427 套(-38%)、 上海 7143 套(-13%)、深圳 1497 套(-37%)。 公司研究 【电子】国 ...

Investment Rating - The report maintains a "Buy" rating for the internet media industry, indicating expected returns exceeding the market benchmark by over 15% in the next 6-12 months [6]. Core Insights - The short drama market in China is projected to reach RMB 634.3 billion by 2025, with a year-on-year growth of 26%, and is expected to grow to RMB 856.5 billion by 2027, reflecting a compound annual growth rate (CAGR) of 19.2% from 2025 to 2027 [1][13]. - The AI-driven comic drama market is anticipated to exceed RMB 200 billion in 2025, with a significant increase in production capacity and the number of new releases [3][27]. - The report highlights the transition of the industry towards "premiumization and industrialization," with AI technology playing a crucial role in enhancing production efficiency and reducing costs [5][35]. Summary by Sections Short Drama Market - The domestic short drama market is expected to grow steadily, with a projected market size of RMB 634.3 billion in 2025, up 26% year-on-year, and a forecasted increase to RMB 856.5 billion by 2027 [1][13]. - The supply of short dramas is increasing, with the number of new releases rising from 34,600 in 2024 to 39,600 in the first half of 2025, indicating a faster pace of capacity release [1][16]. - The overseas short drama market is set for significant growth, with revenues expected to reach USD 2.38 billion in 2025, marking a year-on-year increase of 263% [2][21]. Comic Drama Market - 2025 is identified as the year of AI comic dramas in China, with the market expected to surpass RMB 200 billion, driven by the use of AI tools for script generation and production [3][27]. - The number of comic dramas released is projected to reach 46,931 in 2025, with a notable increase in production efficiency due to AI integration [3][28]. - Major companies are investing in comic drama production, with platforms like Douyin and iQIYI providing financial incentives to support creators [4][30]. Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the growth in short and comic dramas, recommending companies such as Yu Wen Group, Zhongwen Online, and Zhangyue Technology [5][35][36]. - The report emphasizes the importance of capacity release in the industry and the potential for significant IP value to be unlocked in the coming years [5][35].

Investment Rating - The report maintains a rating of "Overweight" for the pharmaceutical and biotechnology sector [4]. Core Insights - The brain-computer interface (BCI) sector is showing active performance, with recommendations to continue monitoring thematic opportunities. The global BCI market is projected to reach USD 7.63 billion by 2029, indicating a rapidly opening blue ocean market [20][21]. - The investment strategy emphasizes the importance of clinical value in the pharmaceutical sector, focusing on innovative drug chains and medical devices. Key recommendations include companies involved in BD overseas acceleration and high-end medical devices [23][25]. Summary by Sections Market Review - The A-share pharmaceutical and biotechnology index rose by 7.81%, outperforming the CSI 300 index by 5.03 percentage points and the ChiNext index by 2.10 percentage points, ranking 6th among 31 sub-industries. The Hong Kong Hang Seng Healthcare Index increased by 10.26%, surpassing the Hang Seng Index by 11.57 percentage points [15][9]. R&D Progress - Recent clinical applications include IMM2510 and Tida-Paclitaxel from Yiming Anke, with ongoing Phase III trials for Tiengoteini from Yaokang and Phase II trials for SYS6017 from Shiyao Group [28]. Key Recommendations - Focus on three categories of companies: 1. Medical scene integrators (e.g., Xiangyu Medical, Weisi Medical) benefiting from insurance payment integration and existing rehabilitation needs [21]. 2. Leaders in invasive/semi-invasive technologies (e.g., Xinwei Medical, Jieti Medical) with significant technological advantages [21]. 3. Full-process support providers (e.g., Meihua Medical, Sanbo Neuroscience) focusing on high-certainty segments like supply chain production and clinical development [21]. Financial Forecasts and Valuations - Key companies and their projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024-2026 include: - Tianzhili: EPS of 0.64, PE of 24 [3]. - Innovent Biologics: EPS of -0.06, PE of NA [3]. - WuXi AppTec: EPS of 3.27, PE of 30 [3]. - Mindray Medical: EPS of 9.62, PE of 21 [3]. - Weisi Medical: EPS of 1.06, PE of 62 [3]. Policy and Industry Resonance - The report highlights a structural shift in domestic policies favoring innovative drugs, with a focus on clinical value and the potential for valuation recovery in the pharmaceutical sector. The report suggests that the investment attractiveness of the pharmaceutical sector will continue to grow [23][24].

Macroeconomic Insights - December CPI year-on-year growth expanded, primarily due to a low base and rising food prices[8] - PPI year-on-year decline narrowed, influenced by rising non-ferrous metal prices and the ongoing effects of "anti-involution" policies[8] - The price environment may continue to improve in 2026, with PPI supported by deepening "anti-involution" policies and tightening competition for key minerals[8] Market Trends - In December, the top 100 real estate companies achieved a total sales amount of CNY 341.5 billion, a month-on-month increase of 39.7%[33] - For the full year 2025, the cumulative sales amount for the top 100 real estate companies was CNY 3.36 trillion, a year-on-year decrease of 19.8%[33] - The new stock market saw 18 new listings in December, raising over CNY 30 billion, with average first-day gains of 214% for the main board and 296% for the dual innovation board[18] Industry Performance - The credit bond issuance volume increased seasonally, with a total of 332 bonds issued, amounting to CNY 312.27 billion, a week-on-week increase of 306%[22] - The domestic electrolytic aluminum price reached CNY 23,300 per ton, the highest since March 2022, with the aluminum-to-copper price ratio hitting a 20-year high[42] - The solid-state battery industry is entering a new phase of industrialization, with expectations for mass production by 2026-2027[47]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for investment returns exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Insights - The company is positioned as a leading platform for semiconductor equipment, benefiting from the ongoing domestic production process. It has established a comprehensive product lineup in etching, thin film deposition, and thermal processing equipment, with projected revenues exceeding 50 billion yuan for etching equipment and 65 billion yuan for thin film deposition equipment in the first half of 2025 [2]. - The company has announced a stock incentive plan aimed at binding its core team more closely, with performance targets set for revenue growth and R&D investment ratios over the next four years [3]. - The company reported a revenue of 273.01 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 32.97%, and a net profit of 51.30 billion yuan, up 14.83% year-on-year [2]. Financial Summary - Revenue projections for the company are as follows: 22,079 million yuan in 2023, 29,838 million yuan in 2024, 38,778 million yuan in 2025, 49,856 million yuan in 2026, and 59,820 million yuan in 2027, with corresponding growth rates of 50.32%, 35.14%, 29.96%, 28.57%, and 19.99% respectively [4]. - The forecasted net profit for the company is 3,899 million yuan in 2023, 5,621 million yuan in 2024, 7,628 million yuan in 2025, 10,030 million yuan in 2026, and 12,812 million yuan in 2027, with growth rates of 65.73%, 44.17%, 35.71%, 31.48%, and 27.74% respectively [4]. - The company's earnings per share (EPS) are projected to be 7.35 yuan in 2023, 10.53 yuan in 2024, 10.53 yuan in 2025, 13.84 yuan in 2026, and 17.68 yuan in 2027 [4]. Valuation Metrics - The company is expected to have a price-to-earnings (P/E) ratio of 68 in 2023, decreasing to 28 by 2027, while the price-to-book (P/B) ratio is projected to decline from 10.8 in 2023 to 6.1 in 2027 [4][12]. - Return on equity (ROE) is forecasted to improve from 16.00% in 2023 to 21.56% in 2027, indicating increasing profitability and efficiency [11].