Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - In December 2025, the company sold 399,000 vehicles, a year-on-year decrease of 17.3% and a month-on-month decrease of 13.3%. However, the total sales for 2025 reached 4.508 million vehicles, representing a year-on-year increase of 12.3% [2][11] - Despite industry pressures, the company's self-owned brands achieved significant year-on-year growth, with December sales for SAIC Passenger Cars reaching 97,000 units, up 25.2% year-on-year. The sales for the entire year of 2025 for self-owned brands were 887,000 units, an increase of 25.4% [11] - The company launched several new models in December, including the Buick flagship MPV and the new MG4 semi-solid battery model, which are expected to enhance sales performance [11] Summary by Sections Overall Performance - December total sales were 399,000 vehicles, down 17.3% year-on-year and down 13.3% month-on-month. The total sales for 2025 were 4.508 million vehicles, up 12.3% year-on-year. The company's reforms have led to a stabilization and recovery in sales [11] Self-owned Brands - The self-owned brands performed well under industry pressure, with December sales of 97,000 units, up 25.2% year-on-year. The total sales for 2025 reached 887,000 units, an increase of 25.4% [11] New Energy and Overseas Sales - December sales for new energy vehicles were 144,000 units, down 6.6% year-on-year and down 31.3% month-on-month. The total sales for 2025 were 1.643 million units, up 33.1% year-on-year. Overseas sales in December were 101,000 units, up 0.2% year-on-year [11] Joint Ventures - December sales for SAIC Volkswagen were 88,000 units, down 32.4% year-on-year, while SAIC General's sales were 48,000 units, down 25.4% year-on-year. The total sales for 2025 for SAIC Volkswagen were 1.024 million units, down 10.8% [11] Internal Reforms and Future Outlook - The company is advancing internal reforms and enhancing cooperation with Huawei to accelerate its smart transformation. The expected net profits for 2025 and 2026 are projected to be 10.5 billion and 12.2 billion yuan, respectively, with corresponding P/E ratios of 16.7X and 14.4X [11]

Investment Rating - The investment rating for the steel industry is Neutral, maintained [9] Core Insights - The report highlights that the expansion of low-cost capacities, such as Simandou and the four major mines, is expected to drive long-term declines in iron ore prices. A significant drop in prices is anticipated in March and April, with current iron ore inventories at historical highs, suggesting a potentially larger decline [2][6] - The steel industry is experiencing a reduction in supply pressure due to self-initiated production cuts, leading to a slight improvement in profitability despite weak demand in the construction steel sector. Total steel demand is supported by resilient plate demand, with a year-on-year decline of 3.57% and a month-on-month decline of 0.56% in apparent consumption [4][5] - The report emphasizes the importance of supply-side policies aimed at reducing low-end exports and eliminating outdated capacities, with a focus on environmental and energy efficiency evaluations expected to be completed by the end of 2025 [2][6] Summary by Sections Cost Analysis - The black industrial chain's profits are largely captured by iron ore, with total profits estimated at 4,127 billion for iron ore, 337 billion for coking coal, and 1,264 billion for steel, representing 72%, 6%, and 22% of total profits respectively. The majority of iron ore is imported, leading to a significant outflow of profits overseas [5] - The Simandou project is expected to begin production by the end of 2025, with anticipated sales of 30 million tons from the northern mine and 5 to 10 million tons from the southern mine in 2026, contributing to a projected 4.3% increase in global iron ore supply [5] Supply Analysis - The report indicates that the steel industry is focused on reducing excess capacity, with policies aimed at "grading management and eliminating the weak" expected to be implemented in 2026. Non-compliant enterprises may face significant production cuts, highlighting the importance of regulatory compliance [6] - The report notes that the overall steel inventory has decreased by 2.70% week-on-week, while year-on-year it has increased by 12.34%, indicating a gradual reduction in inventory levels [4]

Investment Rating - The industry investment rating is "Positive" and is maintained [8] Core Insights - The domestic AI industry is experiencing positive developments, with significant events such as Meta's acquisition of Manus and the IPOs of Zhiyu and MiniMax in Hong Kong. These changes indicate that 2026 may be a pivotal year for the AI industry, transitioning from technological breakthroughs to large-scale implementation [2][4][6] - The current phase of the AI large model market in China has shifted from an early "hundred model battle" to a critical stage of "application heat" and "value verification," suggesting that resources may concentrate on leading firms [6] - The report suggests focusing on domestic large model vendors, major cloud service providers, vertical scenario agent vendors, and the domestic computing power supply chain as potential investment opportunities [2][6] Summary by Sections Event Description - The report highlights that the domestic AI industry has seen a surge of positive news around the New Year holiday, with key developments indicating that 2026 could be a transformative year for the industry [4] Event Commentary - The report discusses the IPOs of Zhiyu and MiniMax, marking a significant step for China's large model industry as it enters a phase of value verification. The funds raised will primarily support AI model development and infrastructure optimization [6] - The acquisition of Manus by Meta is noted as a strategic move to enhance Meta's capabilities in agentic AI, potentially leading to scalable and practical AI applications [10]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - The company delivered a total of 37,508 vehicles in December 2025, representing a year-on-year increase of 2.2% and a month-on-month increase of 2.1% [2][4]. - For the entire year of 2025, the company achieved cumulative deliveries of 429,000 vehicles, marking a significant year-on-year growth of 125.9% [2][4]. - The launch of the new X9 model has been particularly strong, with 5,424 units delivered in December, achieving a month-on-month increase of 68% and a year-on-year increase of 289% [6]. - The company is expected to continue its growth trajectory with new models like the P7+ and G7 set to be released, enhancing its sales cycle [6]. - The overseas market has also shown promising growth, with 45,000 vehicles delivered internationally in 2025, reflecting a year-on-year increase of 96% [6]. - The company anticipates Q4 2025 deliveries to be between 125,000 and 132,000 units, which would represent a year-on-year growth of 36.6% to 44.3% [6]. Summary by Relevant Sections Sales Performance - December 2025 deliveries totaled 37,508 vehicles, with a year-on-year growth of 2.2% and a month-on-month growth of 2.1% [2][4]. - Cumulative deliveries for 2025 reached 429,000 vehicles, up 125.9% year-on-year [2][4]. New Product Launches - The X9 model has seen strong performance, with December deliveries reaching 5,424 units, marking a record for the model [6]. - Upcoming releases of the P7+ and G7 models are expected to further boost sales [6]. International Expansion - The company delivered 45,000 vehicles in international markets in 2025, a 96% increase year-on-year [6]. - The company has established a presence in 60 countries and regions globally, with local production in Malaysia starting in December 2025 [6]. Future Outlook - The company is positioned for significant revenue growth, with projected revenues of approximately 75.1 billion and 112.1 billion for 2025 and 2026, respectively [6]. - The anticipated price-to-sales ratios for 2025 and 2026 are 1.8 and 1.2, respectively, supporting the "Buy" rating [6].

Investment Rating - The report maintains a "Positive" investment rating for the healthcare sector [10]. Core Insights - Elon Musk announced on December 31, 2025, that his brain-computer interface company Neuralink will begin "mass production" of brain-computer interface devices in 2026, transitioning to a "more streamlined and almost fully automated surgical process" [2][6]. - The brain-computer interface market has significant growth potential, with invasive products expected to become a key focus area. Internationally, companies like Neuralink are leading in technology, while several domestic companies in China have made breakthroughs in R&D, supported by favorable policies [2]. - The global brain-computer interface market is projected to reach USD 2.62 billion by 2024, with a compound annual growth rate (CAGR) of 17.4% from 2025 to 2034. In China, the market is expected to exceed RMB 6 billion by 2028, with a CAGR of approximately 17.7% from 2024 to 2028 [14]. - Neuralink employs a minimally invasive implantation approach, with 12 individuals having implanted devices as of September 2025, totaling over 20,000 hours of usage [14]. - Several domestic companies have achieved breakthroughs in brain-computer interface technology, with notable advancements in clinical trials and regulatory approvals [14]. - The industry is encouraged by supportive policies, with the National Healthcare Security Administration in China having established pricing for brain-computer interface services [14]. - Experimental animals, such as mice and monkeys, play a crucial role in brain-computer interface research, with mice being used for initial testing and monkeys for more advanced validation due to their closer anatomical and functional similarities to humans [14]. - Recommended companies to watch include Meihao Medical for brain-computer interfaces and Zhaoyan New Drug for experimental animals [14].

丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 2026 年第 1 周计算机行业周报： 假期 AI 利好频出，关注国内 AI 应用表现 报告要点 [Table_Summary] 上周计算机板块持续上涨，整体上涨 1.23%，在长江一级行业中排名第 4 位，两市成交额占比 为 6.72%，数字货币相关标的活跃。上周中国航天发射迎来年度收官，全年共实施 92 次宇航 发射，刷新年度发射次数纪录；数字人民币 App2.0 版本上线； SpaceX 宣布，将降低数千颗 "星链"卫星的轨道高度，以降低碰撞风险。建议关注：1）国内大模型厂商；2）国内大型云 厂商；3）垂类场景 Agent 厂商；4）国产算力产业链。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 2026 年第 12]周计算机行业周报： 假期 AI 利好频出， ...

Group 1: Federal Reserve Chair Transition - The upcoming transition of the Federal Reserve Chair is expected to have limited impact on the Fed's independence, as the leading candidates, Hassett and Warsh, are establishment figures unlikely to pursue aggressive easing policies[8] - The decision-making process of the Federal Open Market Committee (FOMC) requires collective voting, which constrains the new chair's ability to unilaterally influence policy direction[8] - Current market predictions indicate a 45% probability for Hassett and a 33% probability for Warsh to be nominated as the next Fed Chair[17] Group 2: Midterm Elections - Historically, the ruling party has lost an average of 26.8 House seats and 3.4 Senate seats in midterm elections since 1934, regardless of presidential approval ratings[30] - The Republican Party is likely to lose control of the House and faces fierce competition in the Senate, with 22 of the 35 contested seats currently held by Republicans[35] - Trump's focus is expected to shift towards short-term domestic policies to boost approval ratings ahead of the midterms, as tariffs have not significantly improved his support[43]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - SpaceX announced a reduction in the orbital altitude of thousands of Starlink satellites to mitigate collision risks, highlighting the increasing competition for limited space resources [2][5] - The adjustment will involve approximately 4,400 Starlink satellites moving from an altitude of 550 kilometers to about 480 kilometers, aiming to reduce space debris and enhance safety [10] - The report emphasizes that the competition for low Earth orbit resources is intensifying, which may accelerate the development of China's commercial space industry, particularly with advancements in reusable rocket technology [10] Summary by Relevant Sections - **Event Description**: SpaceX's decision to lower the altitude of its Starlink satellites is a response to the growing congestion in low Earth orbit, which has become a focal point for international discussions on space resource allocation [5][10] - **Market Dynamics**: The report notes that the number of low Earth orbit satellites is expected to increase by 190% over the next decade, further complicating resource distribution [10] - **China's Commercial Space Development**: China's commercial space sector is projected to enter a rapid growth phase, driven by the competition for orbital resources and advancements in technology, with a focus on key suppliers in the industry [10]

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - From January 5th to January 11th, local bonds are expected to be issued worth 1.17664 billion yuan, including new bonds worth 884.34 million yuan (new general bonds worth 10 million yuan and new special - purpose bonds worth 874.34 million yuan) and refinancing bonds worth 292.3 million yuan (refinancing general bonds worth 0 yuan and refinancing special - purpose bonds worth 292.3 million yuan). From December 29th, 2025 to January 4th, 2026, a total of 260 million yuan of local bonds were issued, including new bonds worth 145 million yuan (new general bonds worth 0 yuan and new special - purpose bonds worth 145 million yuan) and refinancing bonds worth 115 million yuan (refinancing general bonds worth 85 million yuan and refinancing special - purpose bonds worth 30 million yuan) [2][6][7]. 3. Summary by Related Catalogs 3.1 Local Bond Actual and Forecasted Issuance - **Actual Issuance and Pre - issuance Disclosure**: From December 29th, 2025 to January 4th, 2026, the issuance details of local bonds are presented, including the issuance of new general bonds, new special - purpose bonds, special refinancing bonds, and net financing [14][15]. - **Comparison of Planned and Actual Issuance**: The comparison shows the differences between planned and actual issuance of new bonds, new general bonds, new special - purpose bonds, and refinancing bonds, with data presented for multiple periods [16][17][23]. 3.2 Local Bond Net Supply - **New Bond Issuance Progress**: As of January 4th, the issuance progress of new general bonds and new special - purpose bonds was 0.00% [27][28]. - **Refinancing Bond Net Supply**: The cumulative scale of refinancing bonds minus local bond maturities as of January 4th is presented, with specific data and statistical details [27][28][29]. 3.3 Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: The issuance statistics of special refinancing bonds as of January 4th are shown, including different rounds of issuance in various regions, with detailed data and statistical notes [31][32][33]. - **Special New Special - purpose Bond Issuance Statistics**: The issuance statistics of special new special - purpose bonds as of January 4th are provided, covering different years and regions, with statistical notes [34][35][36]. 3.4 Local Bond Investment and Trading - **Primary - Secondary Spread**: The primary - secondary spread of local bonds is presented, including the spread for different maturities and changes over time [38][39]. - **Regional Secondary Spread**: The regional secondary spread of local bonds is shown [40]. - **New Special - purpose Bond Investment Direction**: The investment direction of new special - purpose bonds is presented, with a note on the statistical scope [41].

Investment Rating - The investment rating for the industry is "Positive" and is maintained [8] Core Insights - The two leading fiberglass companies in China, China Jushi and China National Materials, have announced stock incentive plans, reflecting their operational confidence [2][6] - China Jushi plans to grant up to 34.53 million restricted stocks, accounting for 0.86% of its total share capital, with a first grant of 31.08 million shares at a price of 10.19 CNY per share, which is about 60% of the current stock price [13] - China National Materials plans to grant 15.4 million stock options, representing 0.92% of its total share capital, with a first grant of 13.93 million options at an exercise price of 36.65 CNY per option, close to the current stock price [13] - The fiberglass yarn market is expected to stabilize and show upward momentum, with ordinary electronic cloth showing elasticity due to increased demand driven by AI applications [13] - The demand for Low-Dk electronic cloth is projected to grow significantly, with total demand expected to reach approximately 1.1 million, 2.2 million, and 3.2 million meters from 2025 to 2027 [13] Summary by Sections Stock Incentive Plans - China Jushi's stock incentive plan includes performance targets for net profit growth, with compound annual growth rates of no less than 38.5%, 27.0%, and 22.0% from 2026 to 2028 [13] - China National Materials' stock option plan also includes performance targets, with compound annual growth rates of no less than 107.0%, 73.0%, and 62.5% from 2026 to 2028 [13] Market Outlook - The fiberglass yarn prices are expected to stabilize, with a slight upward trend anticipated in 2026 due to limited new production capacity and a recovery in overseas demand [13] - The ordinary electronic cloth market is expected to see higher price increases due to the shift towards high-end products driven by AI technology [13] AI Special Electronic Cloth - The industry is poised for an upgrade with the increasing demand for Low-Dk electronic cloth, which is essential for high-frequency and high-speed PCBs [13] - The transition to M9 materials in AI PCBs is expected to drive significant growth in high-end special electronic cloth applications [13]