Investment Rating - The report maintains a positive investment rating for the industry [12] Core Insights - The global black electrical market showed signs of stabilization in Q3 2025, with a slight year-on-year decline in shipment volume but a narrowing of the decline, indicating reduced downward pressure [4][10] - The Mini LED TV market is experiencing rapid growth, although the pace of penetration is slowing due to a deceleration in growth in the Chinese market [9][10] Market Conditions - In Q3 2025, the global TV market exhibited a "stable volume with slight decline, and both price and revenue falling" pattern, with total shipments reaching 52.55 million units, a year-on-year decline of 0.63% [23] - The OLED TV segment continued to grow, with shipments reaching 1.54 million units, a year-on-year increase of 7.75% [23] - The overall market revenue for black electrical products was $23.018 billion, down 6.76% year-on-year, with the average price per unit dropping to $438.02, a decrease of 6.17% [23] Competitive Landscape - Korean brands Samsung and LGE saw a slight recovery in global market share in Q3 2025, primarily through pricing strategies, although average product prices fell [8] - Chinese brands like TCL and Hisense achieved shipment growth due to strong performance in emerging markets, while Xiaomi faced challenges in the Chinese market but performed well in Western Europe [8][47] Structural Changes - The penetration rate of Mini LED TVs is experiencing a temporary slowdown, with demand concentrated in China, Western Europe, and North America [9][10] - TCL and Hisense are leading in shipment volume and growth in the Mini LED segment, while LGE has a smaller scale but is experiencing rapid growth from a low base [9] Investment Recommendations - The report suggests that despite the phase of adjustment in the Chinese market, Chinese brands are showing resilient growth, particularly in emerging markets [10][43] - The competitive landscape indicates that while there is a significant price gap between Chinese and Korean brands, there is substantial room for growth through premiumization and structural upgrades [10]

Investment Rating - The investment rating for the industry is "Positive" and maintained [6] Core Insights - In FY2026Q1 (from September 1, 2025, to November 30, 2025), the company achieved revenue and net profit of 1,027.7 billion yen and 147.4 billion yen, respectively, representing a year-on-year increase of 15% and 12%. Both figures exceeded Bloomberg consensus estimates of 990.2 billion yen for revenue and 130.1 billion yen for net profit [2][4] - The performance of Uniqlo in Japan and overseas showed year-on-year revenue growth of 12% and 20%, respectively. The Greater China region saw a revenue increase of 7%, marking a return to positive growth, while other regions continued to experience high growth [2][4] Summary by Sections Latest Performance - For FY2026Q1, the company reported revenue of 1,027.7 billion yen and net profit of 147.4 billion yen, with year-on-year growth of 15% and 12%, respectively. This performance surpassed market expectations [2][4] Regional Performance - Japan: Revenue increased by 12% year-on-year, with strong sales in autumn/winter products and a double-digit growth in sales from overseas tourists, contributing to a same-store sales growth of 11% [10] - Greater China: Revenue grew by 7% year-on-year, rebounding from a decline of 10% in the previous quarter, driven by colder weather and improved operational efficiency [10] - Other Asia and Oceania: Revenue increased by 22% year-on-year, with double-digit same-store growth in markets like South Korea and Southeast Asia [10] - North America and Europe: Revenue rose by 33% year-on-year, supported by new store openings and strong sales of winter products [10] Inventory and Guidance - As of FY2026Q1, inventory increased by 6% year-on-year, primarily due to increased stocking of winter products. The company plans to optimize inventory by the end of the next quarter [10] - The revenue guidance for FY2026 is set at 38,000 billion yen (an increase of 11.7% year-on-year), with net profit expected to reach 4,500 billion yen (up 3.9% year-on-year) [10]

Investment Rating - The investment rating for the industry is "Positive" and maintained [7] Core Insights - Google has established a comprehensive AI ecosystem, including TPU computing infrastructure, the Gemini multimodal model family, AI Studio, and the Vertex AI developer platform, which continuously empowers its AI layout and strengthens its data moat [2][10] - The acceleration of AI applications is moving towards realization, with a positive outlook on the performance of large model companies like Zhiyu and Minimax post-IPO. Key marginal factors include (1) model capability enhancement and release event catalysts; (2) advancement of business models (C-end traffic entry logic & B-end labor replacement logic). A paradigm shift in models by 2026 is expected to bring excess opportunities, with a long-term positive view on AI industry upgrade opportunities [2][10] Summary by Relevant Sections AI Applications - Google is actively expanding its AI strategy across various segments, focusing on providing infrastructure and open-source models in healthcare. Notable developments include the Vertex AI Search for Healthcare tool optimized for medical scenarios and partnerships like the one with Color Health for breast cancer screening assistance [10] AI for Science - Google has a significant advantage in AI for Science (AI4S) due to its extensive experience and capabilities in the field. The company has developed world-class scientific intelligence models and tools, applying AI across multiple scientific domains such as biology, meteorology, and physics [10] Edge Deployment - Google has a well-established edge deployment strategy, focusing on embodied intelligence, AI glasses, AI phones, Google TV, and Robotaxi services. The latest data shows significant growth in Robotaxi services, with a 80% increase in service volume compared to earlier months [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company has recently won a bid for the 2026 2D vision project with a contract amount of RMB 120 million, which is expected to positively impact its operational performance [2][4]. - The company is positioned as a leader in the 3C vision sector and has shown strong competitive advantages, with continuous high growth in its performance throughout 2025 [9]. - The recovery of downstream industries, particularly in the 3C and lithium battery sectors, is anticipated to support the company's revenue growth [9]. - The integration of AI and vision technologies is expected to enhance the company's market competitiveness and customer loyalty [9]. - Future prospects indicate that AI and embodied intelligence will gradually materialize, with the company expanding its product offerings in robotics and related technologies [9]. Summary by Relevant Sections Project Announcement - The company announced its successful bid for the 2026 2D vision project, with a bid amount of RMB 120 million [4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of RMB 1.012 billion, a year-on-year increase of 38.06%, and a net profit of RMB 183 million, also up by 38.43% [9]. Market Position and Future Outlook - The company is expected to benefit from the recovery in the 3C and lithium battery industries, with a projected increase in market share and new business expansions [9]. - The company has established a product matrix that integrates vision, sensing, motion, and AI, enhancing its competitive edge [9]. - The establishment of a robotics division aims to leverage advanced vision technologies for various robotic applications, indicating a strategic shift towards higher-value sectors [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is a high-quality international engineering state-owned enterprise, with engineering, equipment, and operation & maintenance forming the "three driving forces" for growth. The company will further focus on three major areas: the building materials chain, mining chain, and green energy & environmental protection chain during the 14th Five-Year Plan, enhancing its long-term growth logic [3][4]. Summary by Relevant Sections - The company has significantly reduced its reliance on domestic cement engineering, with overseas orders accounting for 69% of total orders and domestic engineering orders only 9%. The company’s return on equity (ROE) is 15%, the highest among construction state-owned enterprises, with a debt-to-asset ratio of 61% [10]. - The overseas cement engineering business is driving stable growth in engineering operations. The equipment segment has a gross margin and cash flow significantly higher than other businesses, with new equipment orders of 7.2 billion yuan in the first three quarters of 2025, a year-on-year increase of 45%. The overseas equipment orders grew by 79%, while domestic equipment orders increased by 20% [10]. - The company expects steady growth during the 14th Five-Year Plan, with revenue and performance growth projected at 5-10%. If acquisitions and business transformations are realized, the growth rate could be further revised upwards. The company anticipates significant contributions from its equipment and operation & maintenance businesses in 2026, with an optimistic growth outlook of over 10% [10]. - The company’s high dividend yield provides a safety margin, with a projected dividend payout ratio of approximately 44% and 48% for 2025 and 2026, respectively, leading to a dividend yield of 5.3% in 2026. Even with a 20% increase in stock price, the dividend yield remains above 4.4%, indicating a significant safety margin [10].

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Insights - The communication sector rose by 1.50% in the first week of 2026, ranking 28th among primary industries in the Yangtze River region. Year-to-date, the sector has also increased by 1.50% [2][5] - NVIDIA launched the Rubin platform at CES 2026, which integrates computing, storage, and networking, enhancing the demand for high-speed optical interconnects. This is expected to increase optical connection density and bandwidth requirements [6][8] - Chinese enterprises and institutions have applied to the ITU for over 200,000 low-orbit satellites by the end of 2025, accelerating the layout of low-orbit satellite internet and securing scarce frequency resources [7][8] Summary by Sections Market Performance - In the first week of 2026, the communication sector's stock performance included significant gains for companies with market capitalizations over 8 billion yuan, with Nanjing Panda (+49.1%), Tongyu Communication (+42.3%), and Dawi Technology (+35.3%) leading the gains. Conversely, Hengbao Co. (-8.1%), Cambridge Technology (-8.0%), and Dingtong Technology (-7.6%) experienced the largest declines [5] NVIDIA Rubin Platform - The Rubin platform features a modular Superchip and full liquid cooling, significantly increasing computing density. The NVL72 unit integrates 72 Rubin GPUs, providing approximately 200 PFLOPS NVFP4 computing power, with internal bandwidth of 14.4TB/s and external bandwidth of 1.6Tb/s [6] - The platform introduces a POD-level context memory system that alleviates inference KV cache bottlenecks, allowing for low-latency sharing across GPUs and nodes, with a single GPU card capable of approximately 16TB of context storage [6] - The integrated architecture of the Rubin 576 Superpod enhances optical interconnect density, with a total bandwidth of approximately 260TB/s [6] Satellite Projects in China - The report highlights that the large-scale application for low-orbit satellite constellations by Chinese entities is aimed at securing limited space resources, thus accelerating the development of low-orbit satellite internet [7] Investment Recommendations - The report recommends several companies across various segments: - Telecom operators: China Mobile, China Telecom, China Unicom - Optical modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid cooling: Yingweike - Hollow-core optical fibers: Fenghuo Communication, Hengtong Optic-Electric - Domestic computing: Runze Technology, Guanghuan New Network - AI applications: Bosijie, Heertai, Tuobang Co. - Satellite applications: Huace Navigation, Haige Communication [8]

Group 1: Inflation Overview - In December 2025, the U.S. CPI increased by 2.7% year-on-year, matching the previous value and market expectations[5] - Core CPI rose by 2.6% year-on-year, consistent with the prior value but slightly below market expectations[5] - The overall inflation remains moderate, with specific pressures noted in food and housing sectors[9] Group 2: Sector-Specific Insights - Food inflation has increased to 0.7% month-on-month, contributing 0.10 percentage points to the overall CPI[9] - Energy CPI growth has decreased, contributing only 0.02 percentage points to the overall CPI due to falling energy prices[9] - Core goods inflation is limited, with the automotive sector showing a significant decline, particularly in used car prices which fell by 1.1% month-on-month[9] Group 3: Federal Reserve Implications - The narrative around the potential loss of Federal Reserve independence has intensified, influenced by political pressures[2] - The market is pricing in a more dovish stance from the new Fed chair due to the continued moderate inflation, which may lead to a pause in interest rate cuts[9] - The 10-year U.S. Treasury yield has slightly decreased, indicating market adjustments to the inflation data and Fed independence concerns[9]

Investment Rating - The report maintains a "Positive" investment rating for the 3D printing industry, particularly in its application within the commercial aerospace sector [3]. Core Insights - The report emphasizes that 3D printing technology is a cost-reduction tool that accelerates the industrialization of commercial aerospace, driven by high demand for advanced applications [5][48]. - The growth of the 3D printing market is significantly influenced by the increasing demand for high-end applications, which is expected to lead to continuous market expansion [22][39]. Summary by Sections Section 1: Disruption of Traditional Industrial Systems - Additive manufacturing, also known as 3D printing, revolutionizes traditional manufacturing by allowing for the "free manufacturing" of parts without the need for traditional tools and multiple processing steps, thus reducing processing time and increasing material utilization [9][19]. - Various types of additive manufacturing processes, such as Powder Bed Fusion and Directed Energy Deposition, are highlighted for their efficiency and precision [14][18]. Section 2: High-End Application Demand - The global market for metal additive manufacturing equipment has seen significant growth, with sales increasing from 202 units in 2012 to 3,793 units in 2023, reflecting a CAGR of 25.15% [27]. - The average price of industrial-grade additive manufacturing equipment has risen from $98,100 in 2019 to $316,900 in 2024, indicating a trend towards larger and more expensive systems [28][29]. - The aerospace and defense sectors are identified as key growth areas for 3D printing, with the market expected to reach approximately $3.379 billion in 2024 and grow to $10.48 billion by 2031, at a CAGR of 17.8% [45]. Section 3: 3D Printing as a Cost-Reduction Tool - The report notes that the high costs associated with rocket launches drive the urgent need for cost reduction through 3D printing, which can significantly lower manufacturing costs and weight of components [51][55]. - 3D printing allows for the integration of complex structures, reducing the need for traditional assembly methods, thus enhancing design flexibility and reducing manufacturing time [55][63]. - The application of 3D printing in rocket engines is highlighted, with examples from SpaceX demonstrating substantial cost and weight reductions in engine components [59][72].

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - On January 9, the National Medical Products Administration (NMPA) announced two recommended industry standards for medical devices utilizing brain-computer interface (BCI) technology, focusing on reliability verification methods for invasive devices and design/application specifications for motor function reconstruction [2][4] - The BCI industry is transitioning from "technical exploration" to "standard implementation," with the establishment of systematic terminology and definitions for BCI medical devices, which is expected to promote standardization and large-scale application [4] - Recent developments in pricing standards for BCI services across various provinces indicate a clearer path for reimbursement, which is anticipated to enhance clinical application of this new technology [4] - The report suggests that BCI technology may achieve commercial application in medical settings first, driven by supportive policies that address both supply and demand aspects [4] Summary by Sections Industry Standards - The NMPA has published two new standards for BCI medical devices, which include methods for verifying the reliability of key components and definitions for the motor function reconstruction paradigm [4] Market Dynamics - Multiple regions have established pricing for BCI medical services, with guidelines set to take effect from April 30, 2025, which is expected to facilitate the clinical use of BCI technology [4] Policy Support - The report emphasizes that government policies are actively promoting the adoption of BCI technology in medical applications, addressing critical issues such as affordability and institutional hesitance [4]

Investment Rating - The industry investment rating is "Positive" and is maintained [7] Core Insights - The computer sector experienced a significant increase of 9.12%, ranking 4th among primary industries in the Yangtze River region, with a trading volume accounting for 7.72% of the total market [2][4][15] - The recent listings of Zhiyu and MiniMax are expected to drive investment opportunities in domestic AI applications, with MiniMax's stock surging nearly 110% on its debut, reaching a market capitalization of over HKD 105 billion [6][49] - The report suggests focusing on domestic large model manufacturers, major cloud service providers, vertical scenario agent manufacturers, and the domestic computing power industry chain [6][49] Summary by Sections Market Performance - The computer sector saw a substantial rise, with the Shanghai Composite Index achieving a sixteen-day winning streak, closing at 4120.43 points, reflecting an overall increase of 3.82% [4][15] - AI-related stocks were particularly active, with notable gains in companies such as Starry Technology (+49.74%) and Zhuoyi Information (+43.33%) [17] Key Developments - NVIDIA launched the Alpamayo series of open-source AI models aimed at enhancing autonomous driving capabilities [20][22] - OpenAI introduced ChatGPT Health, a specialized version of ChatGPT designed for health and wellness applications [31][38] - China submitted a proposal to the ITU for multiple satellite constellations, totaling 203,000 satellites, indicating a strategic acceleration in the commercial space sector [41][42] Investment Recommendations - The report emphasizes the importance of the recent IPOs of Zhiyu and MiniMax, which may reshape the industry landscape and capital market pricing logic, shifting the focus from parameter competition to profitability and implementation efficiency [49][60] - Investors are encouraged to monitor developments in the AI application sector, particularly in relation to large model manufacturers and cloud service providers [6][49]