Industry Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Views - The basic chemical industry index closed at 4569.80 points, up 4.21% from last week, outperforming the CSI 300 index by 2.35% [17] - Among the 25 sub-industries in the chemical sector, all showed gains, with inorganic salts, modified plastics, synthetic resins, and chlor-alkali leading the way with weekly increases of 10.92%, 9.94%, 7.87%, and 7.60% respectively [18][19] - A total of 462 stocks in the chemical sector saw 400 stocks rise (87%) and 57 stocks fall (12%) during the week [21] Summary by Relevant Sections Weekly Chemical Market Overview - The basic chemical industry index rose to 4569.80 points, marking a 4.21% increase compared to the previous week, and outperformed the CSI 300 index by 2.35% [17] - The weekly performance of 25 sub-industries showed no declines, with significant gains in inorganic salts and modified plastics [18][19] Chemical Product Price Trends - Among 380 tracked chemical products, 89 saw price increases while 70 experienced declines [24] - The top ten products with the highest price increases included lithium manganate and lithium battery electrolytes, with increases ranging from 7% to 22% [25] - Conversely, the top ten products with the largest price declines included vitamin VD3 and lithium hexafluorophosphate, with declines ranging from 4% to 13% [26] Key Chemical Sub-Industry Tracking - The polyester filament market remained stable, with average prices for POY, FDY, and DTY showing slight declines [27] - The average industry operating rate for polyester filament was approximately 88.11%, with some facilities undergoing maintenance [28] - The average processing margin for polyester products indicated a slight improvement in profitability compared to the previous week [29] Tire Industry Insights - The operating rates for the full steel tire industry decreased to 55.50%, while the semi-steel tire industry dropped to 63.78% [38] - Export volumes from major tire companies in Southeast Asia showed significant year-on-year declines [39] - The average price of styrene-butadiene rubber increased by approximately 2.45% during the week [40] Refrigerant Market Overview - The R22 refrigerant market remained weak, with prices stabilizing at low levels due to cautious market sentiment [47] - In contrast, the R134a refrigerant market continued to rise, with major producers increasing prices amid tight supply conditions [48]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report highlights that the domestic AI sector has transitioned from quantitative accumulation to qualitative breakthroughs, supported by government policies and advancements in core technologies [5] - The launch of the DeepSeek V4 model is anticipated to enhance code generation and long-context processing capabilities, positioning domestic AI models among the global top tier [6] - Domestic AI chip performance is evolving from "following" to "benchmarking," with major players like Huawei planning significant upgrades to their chip series [7] - The capital expenditure (Capex) for domestic cloud service providers (CSPs) is expected to increase significantly in 2026, with ByteDance planning around 160 billion RMB and Alibaba over 380 billion RMB for technology development [8] - The user penetration of AI applications is rapidly increasing, with monthly active users (MAU) for AI applications in China growing from 135 million in January 2024 to 544 million in January 2025 [9] Summary by Relevant Sections Industry Basic Situation - The closing index is at 5653.73, with a 52-week high of 5841.52 and a low of 3994.26 [2] Relative Index Performance - The relative performance of the computer industry compared to the CSI 300 index shows fluctuations, with a notable increase of 41% from January 2025 to January 2026 [4] Investment Recommendations - The report suggests focusing on various sectors, including internet companies like Alibaba and Tencent, AI agents, and domestic and overseas computing power providers [10]

Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Insights - The report highlights that the new housing transaction data is expected to be under pressure in the first quarter due to the release of pent-up demand before the Spring Festival and high base effects [5] - Regulatory measures have been introduced to alleviate short-term liquidity pressures for real estate companies, including a five-year extension for eligible projects on the "white list" [5] - The government is promoting a package of policies to support consumer upgrades and housing demand [5] Industry Fundamentals Tracking New Housing Transactions and Inventory - Last week, the new housing transaction area in 30 major cities was 1.1627 million square meters, with a cumulative area of 3.4268 million square meters for the year, reflecting a year-on-year decrease of 25.5% [6] - The average transaction area over the past four weeks in these cities was 2.254 million square meters, down 27.4% year-on-year and 9.2% month-on-month [6] - First-tier cities saw an average transaction area of 0.5052 million square meters, down 35.7% year-on-year [6] Second-Hand Housing Transactions and Listings - Last week, the transaction area for second-hand housing in 20 cities was 2.1592 million square meters, with a cumulative area of 3.9633 million square meters for the year, down 15.3% year-on-year [7] - The listing index for second-hand housing was 7.38, up 62.9% month-on-month, while the listing price index was 146.9, down 0.55% month-on-month [7] Land Market Transactions - Last week, 47 residential land plots were newly supplied in 100 major cities, with 30 plots sold [27] - The average transaction price for residential land was 4,715 yuan per square meter, with a premium rate of 1.26% [27] Market Review - The A-share real estate index rose by 5.07% last week, outperforming the CSI 300 index, which increased by 2.79% [30] - The Hong Kong property service and management index rose by 4.36%, outperforming the Hang Seng Composite Index, which increased by 0.38% [30]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Views - The report highlights significant fluctuations in precious metals, driven by changes in margin requirements and adjustments in commodity index weights, leading to a rebound in precious metals prices following disappointing non-farm payroll data [3] - The report emphasizes a bullish outlook on precious metals due to ongoing geopolitical events and expectations of monetary easing, suggesting investors should hold positions despite market volatility [3] - For copper, the report recommends buying on dips, citing expected supply-demand tightness in 2026 due to production cuts from major producers and increased fiscal spending expectations from the U.S. government [4] - The aluminum market is also recommended for buying on dips, with strong macro policy expectations and geopolitical risks providing support despite current demand pressures [4] - Tin prices have surged past 350,000 yuan/ton, driven by significant inventory reductions and ongoing demand from AI capital expenditures, with a recommendation to buy on dips [5] - Lithium prices continue to rise, with a recommendation to buy on dips, supported by supply constraints and strong demand expectations [5] Summary by Sections Industry Performance - The non-ferrous metals sector saw an 8.3% increase this week, ranking fifth among sectors [13] Prices - LME copper decreased by 0.93%, aluminum increased by 1.91%, zinc decreased by 1.84%, lead increased by 0.84%, and tin increased by 7.38% [18] - Precious metals saw COMEX gold rise by 1.32%, silver by 4.29%, and NYMEX palladium by 5.73%, while platinum fell by 18.09% [18] - Lithium carbonate prices surged by 17.15% [18] Inventory - Global visible copper inventories increased by 31,985 tons, while aluminum saw a decrease of 809 tons, zinc decreased by 900 tons, lead decreased by 11,300 tons, and tin decreased by 916 tons [24][26]

证券研究报告：医药生物 | 公司点评报告 股票投资评级 Q3 收入增速稳定，毛利率显著回暖 ⚫ 事件 买入|首次覆盖 个股表现 -3% 10% 23% 36% 49% 62% 75% 88% 101% 114% 2025-01 2025-03 2025-06 2025-08 2025-10 2026-01 普蕊斯 医药生物 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 56.80 | | --- | --- | | 总股本/流通股本（亿股）0.79 / 0.75 | | | 总市值/流通市值（亿元）45 / 43 | | | 52 周内最高/最低价 | 56.80 / 24.84 | | 资产负债率(%) | 17.9% | | 市盈率 | 42.07 | | 第一大股东 | 石河子市玺泰股权投资 | | 合伙企业(有限合伙) | | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:陈灿 SAC 登记编号:S1340525070001 Email:chencan@cnpsec.com 普蕊斯(30 ...

Industry Investment Rating - The investment rating for the industry is Neutral, maintained [1] Core Insights - The current market environment is characterized by low interest rates, high trading volumes, and rational leverage, which supports the sustained prosperity of brokerage firms [4] - The Shibor 3M rate remains stable at 1.60%, indicating a very loose and inexpensive funding environment for the market [5] - The average daily trading volume of A-share stock funds has surged to historical highs between 25,000 billion and 35,000 billion since 2025, reflecting a significant increase compared to the low points of 2024 [5][6] - The margin financing and securities lending balance reached approximately 26,206.09 billion, marking a new high, with the growth driven more by investors' own funds rather than increased leverage [6][18] - The bond market index has shown signs of high-level consolidation, with recent trading volumes still remaining elevated despite a slight decline [19][20] Summary by Sections Industry Fundamentals Tracking - **Shibor 3M Rate**: As of January 9, 2026, the Shibor 3M rate is at 1.60%, reflecting a stable liquidity transition around the New Year, with expectations of continued low rates in the near term [5][15] - **Stock Fund Trading Volume**: The average daily trading volume reached approximately 33,677 billion, a 34.32% increase from the previous week, indicating a significant recovery from the trading lows of 2024 [16] - **Margin Financing Situation**: The margin financing balance has reached a new high of 26,206.09 billion, with the growth momentum indicating a healthy market leverage level [18] - **Bond Market Index and Trading Amount**: The bond market index has entered a phase of high-level consolidation, with trading volumes remaining high despite recent declines [19][20] - **Stock-Bond Spread**: The stock-bond spread fluctuated between 4.70% and 4.81%, indicating a return to historical averages, suggesting that stock assets are no longer extremely undervalued [23][24] Market Review - The A-share Shenwan Securities II industry index increased by 1.9%, underperforming the CSI 300 index, which rose by 2.79% [26] - Over the past year, the Securities II index has increased by 13.63%, significantly lower than the CSI 300 index's 25.59% increase [26][28]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The surgical robot industry is entering a commercialization and policy acceleration phase, with significant growth potential driven by new policies and market demand [5][6][25] - The overall performance of the pharmaceutical and biotechnology sector has improved, with a notable increase in stock prices and market activity [7][29] - The innovation drug sector is experiencing a recovery, supported by advancements in technology and upcoming industry events [31][32] Summary by Relevant Sections Surgical Robot Industry - In the first eleven months of 2025, surgical robot sales reached 332 units, a slight increase of 3.75% year-on-year, with total sales amounting to 2.973 billion yuan, a minor decline of 0.87% [16] - The laparoscopic surgical robot segment accounted for 35.8% of total sales volume and 61.3% of sales revenue, while orthopedic surgical robots saw a 17.81% increase in sales volume and a 21.62% increase in sales revenue [16][17] - The national pricing framework for robotic surgeries is expected to enhance the clinical value and drive market growth [22][24] Beneficiary Companies - MicroPort MedBot has a strong global strategy and is expected to achieve breakeven in 2026, benefiting from favorable domestic policies and increasing market penetration [6][25][27] - Tianzhihang holds over 40% market share in the domestic orthopedic surgical robot market and is positioned as a leader with significant growth potential in service and consumable revenues [6][25][27] Market Performance - The A-share pharmaceutical and biotechnology sector rose by 7.81% from January 5 to January 9, 2026, outperforming the CSI 300 index by 5.03 percentage points [7][29] - The hospital sector within the pharmaceutical sub-industry saw the highest increase, with a rise of 13.92% [7][29] Innovation Drugs and Industry Chain - The innovation drug sector is expected to see continued growth, driven by new technologies and upcoming clinical data updates at the JPM conference [31][32] - The demand for R&D outsourcing is stabilizing, and the supply side is expected to recover as pricing levels reach a bottom [32] Medical Devices - The medical device sector is anticipated to gradually recover profitability, aided by policy adjustments and market corrections [34][35] - Key players in the high-value consumables market are expected to benefit from reduced competition and improved pricing strategies [35] Pharmaceutical Commerce - The number of drugstores in China has been declining, with a significant reduction in the number of stores, indicating a consolidation phase in the industry [40] - Leading drugstore chains are expected to improve profit margins in 2026 through operational optimizations and strategic adjustments [40]

Group 1: Global Liquidity Overview - Current global liquidity is characterized by "overall easing, internal differentiation, and emerging forward signals" [49] - Major developed economies have shifted from synchronized tightening to differentiated policies, with the Federal Reserve leading a rate-cutting cycle [2] - The VIX index and other risk sentiment indicators remain low, indicating a supportive environment for market risk appetite [2] Group 2: Price Dimension Indicators - The core indicator system for global liquidity in the price dimension includes three categories: benchmark interest rates, market financing costs, and risk pricing/asset price indicators [1] - The TED spread for USD is at 0.04762%, indicating a low historical level of market financing costs and a relatively ample liquidity environment [25] - The EUR TED spread is at 0.02%, also reflecting a low historical level and indicating ample liquidity in the Eurozone [28] - The JPY TED spread is at 0.41640%, indicating a relatively high historical level and a tightening liquidity environment in Japan [32] Group 3: Future Outlook - Global liquidity is expected to remain accommodative in the first half of 2026, benefiting international pricing of commodities [4] - The report emphasizes the importance of combining price signals with quantity information for more accurate investment decisions and policy responses [51]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The negative factors in the bond market are accelerating to be exhausted. The early - year "bad start" in the bond market is mainly due to the recovery of risk - appetite (a "sooner - or - later" shock), the absence of monetary easing (a "late - but - coming" misalignment), and concerns about supply shocks (a "wait - and - see" situation). The long - end yield has no basis for a large - scale upward trend, and the high point is emerging while the negative factors are fading [3][4][11]. 3. Summary by Relevant Catalog 3.1 Bond Market "Bad Start" and Yield Performance - At the beginning of the year, the bond market had a "bad start", with the yields of 10 - year and 30 - year treasury bonds rising significantly. The 10 - year treasury bond yield approached 1.9%, and the 30 - year treasury bond yield adjusted above 2.3%, reaching a new high since 2025. The 1 - year treasury bond yield has fallen below 1.3%, and the yield curve has steepened again [10]. 3.2 Reasons for the Bond Market "Bad Start" 3.2.1 Recovery of Risk - Appetite - The recovery of risk - appetite is the primary factor for the bond market's "bad start". The return of the stock - bond seesaw is inevitable. If the stock market's spring offensive comes earlier or stronger, the bond market will adjust earlier or more. However, since the fundamental environment has not reversed, the suppression of bonds by risk - appetite should be temporary [11]. 3.2.2 Absence of Monetary Easing - The absence of monetary easing is the secondary factor. The bond market's expectation of monetary easing has been extremely compressed. The non - increase in the central bank's bond - buying scale at the end of the year has hit the bond market's expectation of monetary easing again. As the bond's allocation value becomes more obvious, a potential interest - rate cut will turn from an "escape opportunity" to a "reversal opportunity" [14]. 3.2.3 Concerns about Supply Shocks - Concerns about supply shocks are the continuing factor. There is no substantial new information on the supply side recently. The 30 - year minus 10 - year spread is high enough, containing most of the premium for future supply shocks. Supply pressure may only exist in expectations considering policy goals and ongoing work [16][17]. 3.3 Certainty of the Steep Yield Curve - The long - end yield has no basis for a large - scale upward trend, with an early shock and an early high point. The investment return rate has declined in recent years, and the after - tax mortgage rate is lower than the 30 - year treasury bond after - tax yield. The policy - rate cut will lead to a decline in the broad - spectrum interest rate, and the steep yield curve already implies this, with negative factors fading [18].

Industry Investment Rating - The investment rating for the building materials industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that the electronic yarn prices have increased, with the average price of domestic G75 remaining at 9377 RMB/ton, reflecting a month-on-month increase of nearly 1% and a year-on-year increase of 11.31%. This price increase is supported by the growing demand in the high-end PCB sector, indicating further price increase expectations [3][4] - The cement market is entering a seasonal downturn, with overall demand showing a downward trend. The construction market remains weak, but there is a rigid demand in the civil market. The report anticipates that cement production capacity will continue to decline under policies limiting overproduction, which will significantly enhance profit elasticity [3][4] - The glass industry is experiencing a continuous decline in demand due to real estate impacts, with short-term price expectations remaining low due to high inventory levels among intermediaries. The report predicts that prices will remain under pressure despite some production lines undergoing maintenance [4][15] - The fiberglass sector is seeing stable demand in wind power and thermoplastic fields, with the electronic yarn segment benefiting from AI industry demand, leading to a potential explosive growth in demand [4] - The consumer building materials sector has reached a profitability bottom, with no further downward price space. The report notes a strong demand for price increases across various categories, indicating potential profitability improvements for leading companies in 2026 [4] Summary by Sections Cement - National cement production in November 2025 was 154 million tons, a year-on-year decrease of 8.2%. The report emphasizes the need for policy-driven demand improvements [8] Glass - The report indicates that the glass market is under pressure, with traditional peak season orders showing limited improvement. The supply side has seen some production line maintenance, but overall supply-demand pressure remains [15] Fiberglass - The fiberglass sector is expected to see a demand surge driven by AI-related applications, with a clear upgrade in product structure leading to simultaneous volume and price increases [4] Consumer Building Materials - The report suggests that the consumer building materials industry is poised for profitability recovery, with leading companies expected to improve earnings in 2026 due to strong pricing power [4]